In re Metromedia Fiber Network

Full title: In re: METROMEDIA FIBER NETWORK, INC., et al., Chapter 11 Debtors

Court: United States Bankruptcy Court, S.D. New York

Date published: Feb 11, 2003

Case Nos. 02-22736 (ASH) through 02-22742 (ASH), 02-22744 (ASH) through 02-22746 (ASH), 02-22749 (ASH) through 02-22754 (Jointly Administered) (Bankr. S.D.N.Y. Feb. 11, 2003)

Opinion

Case Nos. 02-22736 (ASH) through 02-22742 (ASH), 02-22744 (ASH) through 02-22746 (ASH), 02-22749 (ASH) through 02-22754 (Jointly Administered)

February 11, 2003

Zuckerman Spaeder LLP, Washington, D.C., and New York, New York, Norman L. Eisen, Graeme W. Bush; Special Counsel to the Official Committee of Unsecured Creditors of Metromedia Fiber Network, Inc., et al.

ORDER GRANTING MOTION OF OFFICIAL COMMITTEE OF UNSECURED CREDITORS TO MODIFY FINAL ORDER (I) AUTHORIZING LIMITED USE BY DEBTORS OF CASH COLLATERAL PURSUANT TO 11 U.S.C. § 105, 361 AND 363, AND (II) GRANTING REPLACEMENT LIENS, ADEQUATE PROTECTION AND ADMINISTRATIVE EXPENSE PRIORITY TO CERTAIN PRE-PETITION SENIOR SECURED PARTIES

ADLAI S. HARDIN, Jr., United States Bankruptcy Judge

Upon the Motion of the Official Committee of Unsecured Creditors for an Order modifying the Court's Final Order (I) Authorizing Limited Use by Debtors of Cash Collateral Pursuant to 11 U.S.C. § 105, 361 and 363, and (II) Granting Replacement Liens, Adequate Protection and Administrative Expense Priority to Certain Pre-Petition Senior Secured Parties, entered June 21, 2002 ("the Final Order"); and upon adequate sufficient notice of the Motion having been provided to all parties in interest; and upon the objections and other responses filed by interested parties; and the Court having conducted a hearing on February 11, 2003, during which interested parties were given the opportunity to be heard with respect to their objections to or support of the Motion; and sufficient cause appearing therefore, it is hereby

ORDERED, ADJUDGED AND DECREED:

1. The Motion is granted.

2. The Final Order is hereby amended at Paragraph 13 to reflect a $125,000 increase in the Committee's budget for investigating the claims of, and security interests and liens granted to, the Pre-Petition Senior Secured Parties by the Debtors under the Senior Secured Agreements. The Committee's professionals may use up to $375,000 of Cash Collateral for services performed and expenses incurred in such investigation during the Challenge Period.

3. This Order shall be effective and enforceable immediately upon entry. This Court retains jurisdiction to resolve any disputes arising under or related to this Order including discovery disputes that may arise between or among the Committee and the Respondents, and to interpret, implement, modify, amend and/or enforce the provisions of this Order.