Opinion
Bankruptcy No. 5:03-BK-01802.
January 13, 2005
ORDER
On June 22, 2004, this Court entered an Order authorizing and approving the sale of certain specified assets (the "Sale") of Weirton Steel Corporation ("Weirton") pursuant to an agreement of sale (the "Agreement") between Weirton, as seller and DNI International, Inc. ("DNI"), as buyer; and
DNI failed or refused to close on the Sale, and accordingly, on or about December 6, 2004, the Liquidating Trustee (the "Trustee") to the Weirton Liquidating Trust, filed a Motion to Terminate Agreement of Sale with DNI International, Inc. (the "Motion") (at Docket No. 3036), and a hearing was held on the Motion by this court on December 28, 2004. At the hearing on the Motion, the Court ruled from the bench that DNI had until the end of business on January 13, 2005 to close on the Sale, after which time the Agreement would be terminated without further order of this Court; and
The Trustee has conducted ongoing conversations with DNI and its proposed ultimate customer such that the Trustee, in reliance upon the letter from DNI's ultimate customer, which letter is attached hereto and incorporated herein by reference as Exhibit "A", the Trustee has agreed, subject to this Court's approval, to extend the deadline to close until 4:00 p.m. E.S.T. on January 21, 2005.
Accordingly, it is hereby:
ORDERED that DNI or its ultimate purchaser shall close on the sale by wire transfer in the amount of $524,000 to the account of the Trustee as listed in Exhibit "A" on or before 4:00 p.m. E.S.T. on January 21, 2005 or the Agreement shall be terminated by operation of this Order. On or before January 26, 2005, the Trustee shall file a notice with the Court indicating whether the Sale has closed.
EXHIBIT A Hindustan Tin Works Limited UGF Antriksh Bhawan 22, K.G. Marg. New Delhi — 110001 India.
January 12, 2005 The Weirton Steel Corporation Liquidating Trust Mr. Robert C. Fletcher Liquidating Trustee 400 Three Springs Drive Weirton, WV 26062-4997
Dear Mr. Fletcher
Reference letter of January 7, 2005 from Stenoor, in which funds would be advanced to finance the balance due The Weirton Steel Corporation Liquidating Trust ("WSCLT") for the purchase of the tin can times and other miscellaneous equipment located at the Weintec facility from the WSCLT to DNL.
Upon completion of a plant tour at the Weirtec facility of ISG, where I can observe the equipment for sale is in good order, there upon, I agree to have Stemoor wire $524,000 prior to January 21, 2005 to the following account:
The Huntington National Bank Huntington Square, (WE3007) Charleston, WV 25301 Routing number: 044000024 Account name: The Weirton Liquidating Trust Account number: 1221137421 Huntington Bank wire office number (614) 480-8384 Contacts: Linda Barker (304) 348-4500
Upon WSCLT's receipt of the $524,000 wire WSCLT will allow access to the equipment and I will advise you as to our nominee for the clean Bill of Sale.
Sincerely,
_________________ Sanjay Bhatra Managing Director Hindustan Tin Works Limited _______________ Dale E. Warren Vice President of Operations DNI WITNESS
Attachments Cc: Dale E. Warren, DNT