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Mg Order Re Motion to Authorize-1

Mg Order Re Motion to Authorize-1

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Published by: JSmithWSJ on Jun 14, 2012
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06/14/2012

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UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK---------------------------------------------------------------X:In re: : Chapter 11:DEWEY & LEBOEUF LLP, : Case No. 12-12321 (mg):Debtor. ::---------------------------------------------------------------X
FINAL ORDER (1) AUTHORIZING USE OF CASHCOLLATERAL, (2) GRANTING ADEQUATE PROTECTION,AND (3) MODIFYING THE AUTOMATIC STAY
THIS MATTER having come before the Court upon the motion (the “Motion”) ofDewey & LeBoeuf LLP (the “Debtor”) in the above-captioned chapter 11 case (togetherwith any successor case, the “Case”), pursuant to sections 105, 361, 362, 363, and 507 oftitle 11 of the United States Code, 11 U.S.C. §§ 101
et seq
. (the “Bankruptcy Code”), Rules2002, 4001 and 9014 of the Federal Rules of Bankruptcy Procedure (the “BankruptcyRules”), and Local Rule 4001-2 of the Local Bankruptcy Rules for the Southern Districtof New York, seeking entry of a final order (this “Final Order”)
inter alia
:(i) authorizing the Debtor’s use of “cash collateral” (as defined insection 363(a) of the Bankruptcy Code) in which the Collateral Agent, Revolver Lendersand Noteholders (each as defined herein) assert a lien, security interest or other interest(including, without limitation, any adequate protection liens or security interests), ineach case whether existing on the Petition Date (as defined herein) or arising pursuantto the Interim Order (as defined herein), this Final Order or otherwise (the “CashCollateral”);
12-12321-mg Doc 91 Filed 06/13/12 Entered 06/13/12 14:47:33 Main DocumentPg 1 of 52
 
 
2(ii) providing adequate protection to the Collateral Agent, RevolverLenders and Noteholders for any diminution in value of their respective interests in thePrepetition Collateral (as defined herein), including the Cash Collateral; and(iii) vacating and modifying the automatic stay imposed by section 362of the Bankruptcy Code to the extent necessary to implement and effectuate the termsand provisions of this Final Order.The Court having considered the Motion, the Declaration of Jonathan A.Mitchell, the Debtor’s Chief Restructuring Officer, in support of the chapter 11 petitionand first day motions, the exhibits attached thereto, and the evidence submitted oradduced and the arguments of counsel made at the interim hearing held on May 29,2012 and May 30, 2012 (the “Interim Hearing”) and the final hearing held on June 13,2012 (the “Final Hearing”); and the Court having entered on May 30, 2012 an interimorder authorizing the Debtor’s use of Cash Collateral on an interim basis and grantingadequate protection on account of the interests of holders of liens on and securitiesinterests in the property of the estate; and adequate notice of the Final Hearing havingbeen provided in accordance with Rules 4001(b), (c) and (d) of the Bankruptcy Rules;and the Final Hearing to consider the relief requested in the Motion having been heldand concluded; and all objections, if any, to the relief requested in the Motion and entryof this Final Order having been withdrawn, resolved or overruled by the Court; andafter due deliberation and consideration, and for good and sufficient cause appearingtherefor;
12-12321-mg Doc 91 Filed 06/13/12 Entered 06/13/12 14:47:33 Main DocumentPg 2 of 52
 
 
3BASED UPON THE RECORD ESTABLISHED AT THE INTERIM AND FINALHEARINGS, THE COURT HEREBY MAKES THE FOLLOWING FINDINGS OF FACTAND CONCLUSIONS OF LAW:
A.
 
Petition Date:
On May 28, 2012 (the “Petition Date”), the Debtor filed avoluntary petition under chapter 11 of the Bankruptcy Code in the United StatesBankruptcy Court for the Southern District of
 
New York (the “Court”) commencing thisCase.
B.
 
Debtor in Possession
. The Debtor is continuing in the management andoperation of the wind down of its business and properties as debtor in possessionpursuant to sections 1107 and 1108 of the Bankruptcy Code. No trustee or examiner hasbeen appointed in this Case.
C.
 
 Jurisdiction and Venue
. This Court has jurisdiction, pursuant to 28 U.S.C.§§ 157(b) and 1334, over this proceeding, and over the persons and property affectedhereby. Consideration of the Motion constitutes a core proceeding under 28 U.S.C.§ 157(b)(2). Venue for the Case is proper in this district pursuant to 28 U.S.C. §§ 1408and 1409.
D.
 
Statutory Committees
. On May 31, 2012, pursuant to section 1102 of theBankruptcy Code, the United States Trustee (the “U.S. Trustee”) appointed in this Case(together, the “Statutory Committees”):
(i)
 
An official committee of unsecured creditors consisting of thefollowing three members (the “CC Members”): (1) HireCounsel; (2) Inta Boro Acres
12-12321-mg Doc 91 Filed 06/13/12 Entered 06/13/12 14:47:33 Main DocumentPg 3 of 52

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