Opinion
Case No. 302-00979, Jointly Administered Under
February 13, 2003
HARWELL HOWARD HYNE GABBERT MANNER, P.C., By: Craig V. Gabbert, Jr., Barbara D. Holmes, Nashville, TN, and BUCHANAN INGERSOLL PROFESSIONAL CORPORATION, Joel M. Walker, Philip J. Uher, Samuel W. Braver, Pittsburgh, PA, COUNSEL FOR THE DEBTORS.
SCHULTE ROTH ZABEL, LLP, Mark A. Broude, Paul E. Weber, New York, NY, and BOULT CUMMINGS CONNERS BERRY, PLC, By: William L. Norton, III, Nashville, TN, COUNSEL FOR LENDERS.
BAKER DONELSON BEARMAN CALDWELL, By: Randal Mashburn, Nashville, TN, Chuck Gibbs, Keith Aurzada, AKIN GUMP STRUSS HAUER FELD, Dallas, TX, ATTORNEYS FOR THE COMMITTEE.
STITES HARBISON, PLLC, By: Ronald G. Steen, Nashville, TN, ATTORNEYS FOR TRAVELERS.
This matter is before the Court upon the Debtors' Second Motion Renewing Motion for Order Granting Authority to Continue to Use Cash Collateral and Request for Final Hearing on March 4, 2003, and the interim agreement between Debtors and the Lenders as indicated by the signatures of counsel below.
1. Final Order. On October 8, 2002, a final order granting authority to use cash collateral (the "October 8 Order") was entered, which, inter alia, authorized the Debtors to use cash collateral for the period through December 17, 2002, which time was further extended through February 28, 2003, by agreement of the Debtors and the Lenders by subsequent Agreed Orders.
2. Debtors' Renewed Motion. Simultaneously with this Agreed Order, the Debtors have filed a Second Motion Renewing Motion for Order Granting Authority to Continue to Use Cash Collateral and Request for Final Hearing (the "Second Renewal").
3. Terms. All capitalized terms not otherwise defined herein are defined as set forth in the October 8 Order.
4. Relief Appropriate. The Court finds that the relief requested is appropriate under the circumstances and hereby enters the following order further amending the October 8 Order;
IT IS HEREBY ORDERED that
A. The October 8 Order is amended to authorize the Debtors to continue to use cash collateral to the extent that collected funds are available, consistent with and limited to the Budget attached to the Agreed Order dated January 24, 2003, for the period March 1-4, 2003. (the "Interim Period").
B. The Debtors are not authorized to use cash collateral during the Interim Period to pay fees or expenses incurred by professionals employed by the estate.
C. No adequate protection or other payments shall be made to the Lenders during the Interim Period.
D. A final hearing on the Debtors' Second Renewal Motion shall be and is hereby set for March 4, 2003, at 9:00 a.m., in Courtroom Two, Customs House, 701 Broadway, Nashville, Tennessee.
E. All other provisions of the October 8 Order shall remain in full effect and are incorporated herein by reference, pending final hearing by the Court.
F. The Committee and Travelers Casualty and Surety Company of America consent to this order with the same reservation of rights set forth in the October 8 Order.