Case No. 01-16034 (AJG), Jointly Administered.United States Bankruptcy Court, S.D. New York.
January 13, 2005
ORDER APPROVING SETTLEMENT AGREEMENT BETWEEN ENRON NORTH AMERICA CORP., GARDEN STATE PAPER COMPANY, LLC AND MEDIA GENERAL, INC.
ARTHUR GONZALEZ, Bankruptcy Judge
Upon consideration of the Motion Pursuant To Bankruptcy Rule 9019 For Approval of Settlement Agreement Between Enron North America Corp., Garden State Paper Company, LLC and Media General, Inc. dated January 5, 2005 (the “Motion”), and the Court having jurisdiction to consider the Motion and the relief requested therein pursuant to 28 U.S.C. §§ 157 and 1334; and it appearing that due and proper notice of the Motion and the relief requested herein having been given in accordance with this Court’s Second Amended Case Management Order Establishing, Among Other Things, Noticing Electronic Procedures, Hearing Dates, Independent Website and Alternative Methods of Participation at Hearings, dated December 17, 2002, as modified by this Court’s Order of January 5, 2005 shortening the notice period and objection deadline, and that no other or further notice need be given; and the relief requested in the Motion being in the best interests of Enron North America Corp. (“ENA”) and Garden State Paper Company, LLC (“GSP”) and their estates and creditors; and the Court having reviewed the Motion; and the Court having determined that the legal and factual bases set forth in the Motion establish just cause for the relief granted herein and that the settlement submitted for the
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Court’s approval in the Motion is fair and reasonable, and after due deliberation and sufficient cause appearing therefor, it is
ORDERED that the Motion is granted in all respects, and it is further
ORDERED that the settlement agreement and mutual release between ENA, GSP and Media General (the “Settlement Agreement”) is authorized and approved pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure, and it is further
ORDERED that ENA and GSP are authorized to execute, deliver, implement and fully perform any and all obligations, instruments, documents and papers and to take any and all actions reasonably necessary to consummate the Settlement Agreement and perform any and all obligations contemplated therein, and it is further
ORDERED that the Settlement Agreement may be amended by the parties thereto in accordance with the terms thereof without further order of the Court; provided, however, that any such amendment shall neither be material in nature nor change the economic substance of the settlement approved hereby, and it is further
ORDERED that the Court shall retain exclusive jurisdiction to (i) enforce and implement the terms and provisions of the Settlement Agreement, and (ii) resolve any disputes arising under or in connection with the Settlement Agreement and any related documents. Furthermore, the Court shall retain exclusive jurisdiction to interpret, implement, and enforce the provisions of this Order, and it is further
ORDERED that the ISDA Agreement, the Confirmation Agreement and the Guaranty (as those terms are defined in the Motion) have been terminated pursuant to the terms specified therein, and it is further
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ORDERED that the Proofs of Claim (as that term is defined in the Motion) are hereby deemed expunged, and it is further
ORDERED that all objections to the Motion or the relief requested therein that have not been withdrawn, waived, or settled, and all reservations of rights included therein, are overruled on the merits. Those parties who did not object, or who withdrew their objections, to the Motion are deemed to have consented to the Motion, and it is further
ORDERED that the failure to specifically include any particular provisions of the Settlement Agreement in this Order shall not diminish or impair the effectiveness of such provisions, it being the intent of the Court that implementation of the transactions contemplated in the Settlement Agreement be approved in its entirety, and it is further
ORDERED that the stay of this Order provided by the Bankruptcy Rules (including Bankruptcy Rule 6004) whether for ten (10) days or otherwise shall not be applicable to this Order, and this Order shall be effective and enforceable immediately upon entry.