Case No. 03-46590 (DML), Jointly Administered.United States Bankruptcy Court, N.D. Texas, Fort Worth Division.
September 29, 2004
ORDER GRANTING DEBTORS’ MOTION PURSUANT TO FEDERAL RULE OF BANKRUPTCY PROCEDURE 9019 APPROVING SETTLEMENT AGREEMENT AND RELEASE BY AND BETWEEN MIRANT AMERICAS ENERGY MARKETING, LP AND KERN OIL REFINING CO.
DENNIS MICHAEL LYNN, Bankruptcy Judge
Upon the Motion Pursuant to Federal Rule of Bankruptcy Procedure 9019 Approving Settlement Agreement and Release By and Between Mirant Americas Energy Marketing, LP and Kern Oil Refining Co. (the “Motion”) filed by Mirant Corporation and its above-captioned affiliated debtors, as debtors and debtors-in-possession; and this Court, having considered the Motion and all pleadings filed in connection therewith; and it appearing that this Court has jurisdiction over this matter; and it appearing that the settlement set forth in the Agreement[1] is “fair and equitable and in the best interest of the estate” and satisfies the requirements for approval of settlements set forth In re Cajun Electric Power Cooperative, Inc., 119 F.3d 349, 355 (5th Cir. 1997); and it appearing that, under the circumstances, due notice of the Motion and the relief set forth herein has been provided, and that no other or further notice need be provided; upon all of the proceedings had before the Court, and after due deliberation and sufficient cause appearing therefor,
IT IS HEREBY:
ORDERED that the Motion is GRANTED; it is further
ORDERED that the Agreement is hereby approved and the Debtors may take all
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reasonable and necessary steps to consummate their obligations under the Agreement; it is further
ORDERED that Kern Oil Refining Co. (“Kern Oil”) will pay Mirant Americas Energy Marketing, LP (“MAEM”) the aggregate amount of $729,621.69, no later than three (3) days after the date that this Court’s order approving the Agreement becomes final and non-appealable; it is further
ORDERED that Kern Oil is granted an allowed, prepetition, non-priority, general unsecured claim in the aggregate amount of $600,000.00 (the “Claim”) against MAEM’s estate in the Debtors’ chapter 11 proceeding; it is further
ORDERED that Proof of Claim No. 6243 is amended so as to honor all the terms of the Agreement, including acknowledgement of the Claim; it is further
ORDERED that MAEM will dismiss the Complaint with prejudice and Kern Oil will dismiss the Counterclaims with prejudice; and it is further
ORDERED that proper, timely, and adequate notice of the Motion and the Agreement has been provided in accordance with all applicable law, such notice was good and sufficient and appropriate under the particular circumstances, and no other or further notice of the Motion or
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the Agreement is required. This Court specifically finds that service of the Motion upon the Limited Service List and Kern Oil (and its counsel) is reasonable, satisfactory, and sufficient for purposes of Federal Rule of Bankruptcy Procedure 2002(a)(3).
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