Opinion
Case No. 01-16034 (AJG) Jointly Administered.
July 5, 2005
Melanie Gray, Martin J. Bienenstock (MB 3001), Brian S. Rosen (BR 0571), Sylvia Mayer Baker (admitted pro hac vice), WEIL, GOTSHAL MANGES LLP, New York, New York, Attorneys for the Reorganized Debtors.
Jay C. Wilson, Esq., Mirant Corporation, Atlanta, GA, On behalf of the Mirant Parties.
Enron Corp. and its affiliated debtor entities (the "Debtors" or "Reorganized Debtors") and Mirant Americas Energy Marketing, LP, Mirant Corporation, Mirant Americas, Inc., Mirant California, LLC, Mirant Americas Energy Capital, LP, Mirant Europe, B.V. and Mirant Canada Energy Marketing, Ltd. (collectively, the "Mirant Parties", and together with the Reorganized Debtors, the "Parties"), by and through their respective counsel, do hereby stipulate as follows:
RECITALS
A. Commencing on December 2, 2001 (the "Petition Date") and subsequently thereafter, the Debtors each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") and the Debtors' chapter 11 cases (the "Chapter 11 Cases") have been procedurally consolidated for administrative purposes.
B. Commencing on July 14, 2003, and subsequently thereafter, some of the Mirant Parties filed voluntary petitions for relief under the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (the "Mirant Bankruptcy Court").
C. On July 15, 2004 (the "Confirmation Date"), the Bankruptcy Court confirmed the Debtors' Supplemental Modified Fifth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code (the "Plan").
D. Pursuant to section 21.1 of the Plan, objections to proofs of claim, with limited exceptions, must be filed and served by the Reorganized Debtors by March 14, 2005 "or such later date as may be approved by the Bankruptcy Court" (the "Objection Deadline").
E. The Mirant Parties filed proof of claim numbers 13001, 13003, 13037, 13017, 13018, 13101, 13102, 13122, 13015, 13038, 13039, 13087, 13099, 13121, 13002, 13123 and 15097 with the Bankruptcy Court (collectively, the "Mirant Claims").
F. On March 8, 2005, the Court entered a stipulation extending the Objection Deadline for the Mirant Claims to April 28, 2005.
G. On April 28, 2005, the Court entered a stipulation extending the Objection Deadline for the Mirant Claims to June 30, 2005.
H. The Parties have been actively engaged in negotiations and have reached a settlement in principle resolving all of the Mirant Claims. However, the Parties need additional time to document the settlement agreement and receive approval for such settlement agreement from the Mirant Bankruptcy Court and this Court. Accordingly, the Parties have agreed to extend the deadline to file an objection to the Mirant Claims until July 31, 2005 pursuant to section 21.1 of the Plan. Although the Reorganized Debtors could file an ex parte motion seeking an extension of the Objection Deadline under the Bankruptcy Rule 9006(b), the Parties have mutually agreed to file this Stipulation and Order for approval on an expedited basis.
I. The Parties submit that the extension agreed to herein will benefit the Reorganized Debtors' estates by eliminating costs associated with drafting and filing unnecessary objections to the Mirant Claims. The relief requested herein will also conserve valuable judicial resources by easing the congestion of this Court's docket.
J. NOW, THEREFORE, in consideration of the forgoing the Parties, by their undersigned counsel, stipulate and agree as follows:
AGREEMENT
1. The Recitals are fully incorporated herein by reference.
2. Pursuant to section 21.1 of the Plan, the deadline for the Reorganized Debtors to file and serve an objection to the Mirant Claims is hereby extended to July 31, 2005.
3. The extension granted by this Stipulation and Order is without prejudice to (i) the Reorganized Debtors' ability to file an objection to the Mirant Claims consistent with this Order and (ii) Mirant's defenses thereto.
4. This Stipulation and Order sets forth the entire understanding of the Parties hereto and is intended to be the complete and exclusive statement of the terms thereof and may not be modified or amended except by a writing signed by all the Parties hereto, which shall be so-ordered by the Bankruptcy Court.
5. This Stipulation and Order may be executed in any number of counterparts or with detachable signature pages and shall constitute one agreement, binding upon all parties thereto as if all Parties signed the same document; all facsimile signatures shall be treated as originals for all purposes.
6. This Stipulation and Order is governed by the law of the State of New York. The Bankruptcy Court shall retain jurisdiction over any disputes arising hereunder.
SO ORDERED.