Opinion
Case No. 01-1825 [RJN]
August 11, 2003
Upon consideration of the motion dated August 5, 2003 (the "Motion") of Enron Wind LLC ("EW") and Enron Wind Development LLC ("EWD," and collectively with EW, the "Debtors"), pursuant to section 363 of title 11 of the United States Code, 11 U.S.C. § 101 et seq. (the "Bankruptcy Code"), as more fully set forth in the Motion; and it appearing that the Court has jurisdiction to consider the Motion; and it appearing that the relief requested in the Motion is in the best interest of the Debtors and their respective estates and creditors; and it appearing that due and appropriate notice of the Motion has been provided and no further notice need be provided; and upon the proceedings before the Court; and finds that Crete Hellas Holdings, B.V. ("CHH") has committed to use its commercially reasonable efforts to grant a security interest to EW and EWD on the stock of Iweco Megali Vrissi S.A. ("MV") and Aeolos S.A. ("Aeolos") (junior only to the security interest of the secured lender to MV and Aeolos); and good and sufficient cause appearing therefor, it is
Capitalized terms used herein, except as otherwise noted, shall have the meanings ascribed to them in the Motion.
ORDERED that the Motion is granted; and it is further
ORDERED that the Debtors are authorized to effectuate the recapitalization of Aeolos and MV; and it is further
ORDERED that the EW is hereby authorized to assign £132,000 and £27,000 of its receivables from MV and Aeolos, respectively, to CHH in exchange for a receivable from CHH in the total amount of £159,000.
ORDERED that the EWD is hereby authorized to assign £868,000 and £1,314,000 of its receivables from MV and Aeolos, respectively, to CHH in exchange for a receivable from CHH in the total amount of £2,182,000; and it is further
ORDERED that the Enron Wind Hellas Service, S.A. is hereby authorized to assign £59,000 of its receivables from Aeolos, respectively, to CHH in exchange for a receivable from CHH in the total amount of £59,000; and it is further
ORDERED that the Debtors shall take such actions and execute such documents as are necessary to complete the recapitalization of Aeolos and MV; 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; and it is further