Opinion
Case No. 02-00979-KL3-11, Jointly Administered
May 22, 2002
Joseph Allen Kelly, HARWELL HOWARD HYNE GABBERT MANNER, P.C., Nashville, TN, for Debtor.
ORDER AUTHORIZING DEBTOR TO PROVIDE ADEQUATE PROTECTION WITH RESPECT TO CERTAIN INSURANCE PREMIUM FINANCE AGREEMENTS
This matter is before the Court on the Motion of Pen Coal Corporation and Pen Holdings, Inc. (collectively the "Debtor" or respectively "Pen Coal" or "Pen Holdings"), pursuant to 11 U.S.C. § 105 and 11 U.S.C. § 362 for an Order authorizing Debtor to provide adequate protection with respect to certain insurance premium finance agreements. It appearing that notice of Debtor's Motion and proposed action was adequate and that no objection to Debtor's Motion was timely filed or served and finding the Motion well taken, this Court hereby grants Debtors Motion.
IT IS HEREBY ORDERED that:
1. Pursuant to 11 U.S.C. § 105 and 11 U.S.C. § 362 of the Bankruptcy Code, the Debtor is hereby authorized to make all payments required under the three premium finance agreements described in and made exhibits to the "Motion of Debtor to provide Adequate Protection With Respect To Certain Insurance Premium Finance Agreements and Notice of Proposed Action," including that certain Commercial Premium Finance Agreement between Pen Holdings and AFCO Credit Corporation dated August 14, 2001, that certain Commercial Premium Finance Agreement between Pen Holdings and AFCO Credit Corporation dated October 9, 2001, and that certain Premium Finance Agreement between Imperial Premium Finance, Inc. and Pen Coal dated January 18, 2002 (collectively the "Premium Finance Agreements").
2. The Court further approves and authorizes all payments the Debtor has made pursuant to the Premium Finance Agreements since the petition date in this jointly administered case.
3. All other fights of the Debtor, AFCO Credit Corporation, or Imperial Finance, Inc. under or related to the respective Premium Finance Agreements are reserved.