Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
New Century Order Allowing Executory Contracts to Be Rejected

New Century Order Allowing Executory Contracts to Be Rejected

Ratings: (0)|Views: 149|Likes:
Published by acfield13

More info:

Published by: acfield13 on Jul 27, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/12/2014

pdf

text

original

 
INTHEUNITEDSTATESBANKRUPTCYCOURTFORTHEDISTRICTOFDELAWARE
ORIGINAL
Inrc:
NEWCENTURYTRSHOLDINGS
t
INC.,
a
Delaware
corporatien,
etal.,·
Chapter11CaseNo.07-10416(KJC)JointlyAdministered
Debtors.
He:DocketNo.23
ORDERPURSUANTTOSECTIONS356AND554OFTHEBANKRUPTCYCODE(A)AUTHORIZINGANDAPPROVINGTHEREJECTIONOFCERTAINUNEXPIREDLEASESOFNONRESIDENTIALREALPROPERTYAND(B)AUTHORIZINGANDAPPROVINGPROCEDURESFORTHEREJECTIONOFEXECUTORYCONTRACTSANDUNEXPIREDLEASESOF'PERSONALANDNON-RESIDENTIALREALPROPERTYUponconsiderationofthemotion(the"Motion'T'oftheDebtorsforentryofanorderpursuanttosections365and554oftheBankruptcyCedeauthorizingandapproving(a)therejectionofcertainunexpiredleasesn
f
nonresidentialrealpropertyand(b)proceduresforrejectingexecutorycontractsandunexpiredleasesofpersonalandnon-residentialrealproperty;and
it
appearingthatthereliefrequestedisinthebestinterestsofth~Debtors'estates,theircreditors,andotherpartiesininterest;and
it
appearingthatthisCourthasjurisdictionoverthismatterpursuantto28U.S.C.§§147and1334;and
it
appearingthatthisMotionisacoreproceedingpursuantto28U.S.C.§147;andadequatenoticeoftheMotionandopportunityfor
I
TheDebtorsarethefollowingentities:NewCenturyFinancialCorporation(til/aNewCenturyRFIT,Inc.),aMarylandcorporation;NewCenturyTRSHoldings,Inc.(f/k/i:INewCenturyFinancialCorporation),aDelawarecorporation;NewCenturyMortgageCorporation
(flkl<~
mE
Mortgage)(d/b/aNCMCMortgageCorporate,NewCenturyCorporation,NewCenturyMortgageVentures,LLC).aCaliforniacorporation;NCCapitalCorporation.aCaliforniacorporation;Home123Corporation(flk/aTheAnyloanCorporation.1800I:lnyloan.com,Anyloan.com),aCaliforniacorporation;NewCenturyCreditCorporation(f/k/a
Worth
FundingIncorporated).aCaliforniacorporation;NCAssetHolding,L.P.
(f/k/a
NCResidualIICorporation).aDelawarelimitedpartnership;NCResidualIIICorporation,aDelawarecorporation;NCResidualIVCorporation,aDelawarecorporation;NewCentury
R.E,Q,
CUTP-,aCaliforniacorporation;NewCenturyR.E.O.IICorp.,aCaliforniacorporation;NewCenturyKE.O.IIICorp.,aCaliforniacorporation;NewCenturyMortgageVentures,LI.C(d/b/aSummitResortLending,TotalMortgageResource,SelectMortgageGroup,MonticelloMortgageServices,AdAstraMortgage,MidwestHomeMortgage,TRATSFinancialServices,EliteFinancialServices,BuyersAdvantageMortgage),aDelawarelimitedliabilitycompany;NCDcltcx,LLC,aDelawarelimitedliabilitycompany;NCoral,L.P_,aDelawarelimitedpartnership.
2
CapitalizedtermsusedbutnotdefinedhereinshallhavethemeaningsascribedtothemintheMotion.
RLFJ.31427:l9-1
 
2
objectionhavingbeengiven,withnoobjectionsorrequestsforhearinghavingbeenfiled;anditappearingthatnoothernoticebegiven;andafterduedeliberationandsufficientcausetherefore,
NOW,THEREFORE,IT
IS
HEREBYORDEREDTHAT;
1.
TheMotionisGRANTED.2.TheleasesidentifiedinExhibit
"A"
heretoareherebyrejectedwithrejectioneffective,asofApril24,2007.3.TheleasesidentifiedonExhibit"B"heretoareherebyrejectedwithrejectioneffectivethelaterof(i)April30,2007or(ii)thedatetheDebtorsunequivocallyrelinquishedcontrolofthepremisestotheaffectedlandlordbyturningoverkeysor"keycodes"totheaffectedlandlord.4.WithrespecttoanypersonalpropertyoftheDebtorslocatedatanyorthepremisessubjecttotheleasesidentifiedonExhibits"A"or"8",thepropertywillbedeemedabandonedpursuanttosection554oftheBankruptcyCode,asis,whereis,effectiveasofthedateofrejectionoftheunderlyingexpiredlease.5.TheRejectionProceduresareapprovedinconnectionwiththerejection
or
anyexecutorycontract,leaseorsublease,orinterestinsuchleaseorsublease
or
theDebtorsduringtheCasesasfollows:a.TheDebtorswillfileanoticetorejectanysuchexecutorycontract,leaseorsublease,orinterestinsuchleaseorsublease,pursuanttosection365oftheBankruptcyCode(the"Notice"),andwillservetheNoticeviaovernightdeliveryserviceupon
0)
UnitedStatesTrustee;
(ii)
counseltoGreenwichCapitalFinancialProducts,Inc.("Greenwich")andTheCITGroup/BusinessCredit,Inc.(,'CIT"),theDebtors'proposedpost-petitionseniorsecuredlenders;(iii)counseltotheOfficialCommitteeofUnsecured
RLf]·3142739-
J
 
3
Creditors(the"CreditorsCommittee")(ifany);(iv)thecontractcounter-partyorlandlord(s)affected
by
theNotice;and(v)anyotherpartiesininteresttotheexecutorycontractorlease,includingsubtenants,ifany,soughttoberejectedbytheDebtors,(collectively,the"ServiceParties"),advisingsuchpartiesoftheDebtors'intenttorejectthespecifiedexecutorycontract,lease,subleaseorinterest,aswellasthedeadlinesandproceduresforfilingobjectionstotheNotice(assetforthbelow).IftheNoticeisissued
by
theDebtorspriortotheeffectivedateofaplanofreorganization,theaffectedexecutorycontract,lease,subleaseorinterestinsuchleaseorsubleaseshallbedeemedtohesubjecttoamotiontorejectforallpurposes.b.TheNoticeshallbeintheformofExhibltCtotheMotion,andshallsetforththefollowing
information
tothebestolthcDebtors'knowledge,asapplicable:(i)thestreetaddressoftherealpropertyunderlyingtheleaseand/orsublease,theinterestinsuchpersonalpropertyleaseorsubleaseorthetypeofexecutorycontractwhichtheDebtorsseektoreject;
(ii)
theDebtors'monthlypaymentobligation,
if
any,
underthecontract,leaseorsubleaseorinterestinsuchleaseorsublease;(iii)theremainingtermofthecontract,leaseorsubleaseorinterestinsuchleaseorsublease;(iv)thenameandaddressofthecontractcounter-party,landlordandlorsubtenant;(v)ageneraldescriptionofthetermsoftheexecutorycontractorlease;and(vi)adisclosuredescribingtheproceduresforfilingobjections,ifany.c.ShouldapartyininterestobjecttotheproposedrejectionbytheDebtorsofanexecutorycontractleaseorsubleaseorinterestinsuchleaseorsublease,suchpartymustfileandserveawrittenobjectionsothatsuchobjectionistiledwiththisCourtandisactuallyreceivedbythefollowingparties(collectively,the"NoticeParties")
RLfl-3112739-1

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->