Opinion
Case No. 08-18107-WIL.
July 31, 2008
Richard H. Gins, Law Office of Richard H. Gins, L.L.C., Bethesda, Maryland, Attorney for Olsson Enterprises, Inc., Debtor and Debtor-in-Possession.
Joseph J. Bellinger, Ballard Spahr Andrews Ingersoll, LLP, Baltimore, Maryland, Attorney for Ingram Book Group Inc.
Jeffrey A. Marks (Pro Hac Vice), Elliot M. Smith (Pro Hac Vice), Square, Sanders Dempsey, L.L.P., Cincinnati, Ohio, Attorneys for the Petitioning Creditors.
STIPULATION AND ORDER EXTENDING THE INTERIM ORDER AUTHORIZING USE OF CASH COLLATERAL AND ADEQUATE PROTECTION
Olsson Enterprises, Inc., debtor and debtor-in-possession (the "Debtor"), the Debtor's largest secured creditor, Ingram Book Group, Inc. ("Ingram") and the petitioning creditors, Hachette Book Group USA, Inc., Random House, Inc. and Penguin Group (USA) Inc. (collectively, the Petitioning Creditors"), by their respective undersigned counsel, stipulate to the following terms under which the interim period for the Debtor's use of Cash Collateral under the Interim Order Authorizing Use of Cash Collateral and Adequate Protection (the "Interim Order") (Docket No. 43) is extended from July 31, 2008 up to and including August 19, 2008:
A. The Debtor is authorized to use Cash Collateral from August 1, 2008 until the final cash collateral hearing set for August 14, 2008 at 3:00 p.m. Eastern (the "Extended Interim Period");
B. The Debtor may use Cash Collateral during the Extended Interim Period in accordance with the terms of the Interim Order. All provisions of the Interim Order shall continue, undisturbed by this Stipulation, except that the Debtor is authorized to use the Cash Collateral to pay the expenses set forth in the attached budget for August (the "Budget"); provided, however, that (a) the Debtor shall not pay any expense identified in the Budget unless and until such expense becomes due and payable, and (b) the Debtor may not pay any expense identified in the Budget in an amount greater than as set forth in the Budget; and
C. On or before August 7, 2008, the Debtor shall provide counsel to Ingram and the Petitioning Creditors a reconciliation of the budgeted projections of revenues and expenses to the actual revenues and expenses for the months of June and July 2008. Ingram's consent to the Debtor's use of Cash Collateral during the Extended Interim Period is conditional upon its receipt of this reporting.
SO ORDERED.
Exhibit 1
Olsson's Books Cash Collateral Budget for August 2008 Disbursements Total Disbursements 288.4 Monthly Cash Flow +/- -23.4 Closing Cash Balance 75.5
Opening Cash Balance 98.9 Revenue 255 10 Total Rovenue 265 Rent 43 Notes 3.3 Payroll Retail 34 Overhoad 28 Total Pay 62 (15.75 per week Paycoll Tax 4.6 Health Insurance 4 Other Insurance Sales Tax 13 Other Tax 2 Utilities 4 Telephone 3.5 Advertising Commercial Insurance 2 Store Supplies 14 Bank 6 Computer 3 Freight 4 Sub Total Disbursed 168.4 Book Product 100 Music 20 Product Returns 0 Books 30 Music 2.5