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LaSalle St. P'ship,) Tj /F28 9.94 Tf 12.48 -11.52 TD (526 U.S. 434 \(1999\) ............................................................................................................................................... 29) Tj /F28 9.96 Tf -12.48 -23.52 TD (Class Five Nevada Claimants v. Dow Coming Com. \(In re Dow Corning Corp.\), 280 F.3d 648, 656-57 \(6th Cir.) Tj /F28 9.92 Tf 12.00 -11.52 TD (2001\)................................... .................................................................................................................................... 18) Tj /F28 10.00 Tf -12.24 -23.76 TD (Class Five Nevada Claimants v. Dow Coming Com. In re Dow Coming Corp.\),) Tj /F28 9.97 Tf 12.24 -11.28 TD (280 F.3d 648 \(6th Cir. 2002\)) Tj /F28 9.93 Tf 0.00 -11.52 TD (hr'g en banc denied, 2002 U.S. App. LEXIS 9099,) Tj /F29 8.99 Tf 0.00 -11.52 TD (cert. denied, 123 S. Ct. 85 \(2002\) .............................................................................................................................6) Tj /F28 10.06 Tf -12.00 -23.52 TD (Debtors v. Walton \(In re United Arists Theatre Co.\),) Tj /F29 8.95 Tf 12.00 -11.52 TD (315 F.3d 2 i 7 \(3d Cir. 2003\) ................................................................................................................................... 17) Tj /F28 9.95 Tf -12.24 -23.28 TD (Federal Savings Association Enterprises v. Briscoe Enters.. Ltd. II \(In re Briscoe Enters.. Ltd. 11,) Tj /F29 9.10 Tf 12.24 -11.52 TD (994 F.2d 1160 \(5th Cir.\),) Tj /F29 8.99 Tf 0.00 -11.52 TD (cert. denied, 510 U.S. 992 \(1 993\)...........................................................................................................................36) Tj /F28 10.04 Tf -12.24 -23.76 TD (Gilman v. Continental Airlines \(In re Continental Airlines\),) Tj /F28 10.00 Tf 12.00 -11.28 TD (203 F.3d 203 \(3d Cir. 2000\) ...................................................................................................................................17) Tj /F29 9.28 Tf -12.24 -23.52 TD (Hearland Federal Sav. & Loan Ass'n v. Briscoe Enter., Ltd. II \(In re Briscoe Enter.. Ltd. 11,) Tj /F28 9.98 Tf 12.48 -11.52 TD (994 F.2d 1160 \(5th Cir. 1993\) ..................................................................................................................................5) Tj /F28 10.21 Tf -12.48 -23.28 TD (Huddleston v. Nelson Buner Hunt Trust Estate,) Tj /F28 9.98 Tf 13.44 -11.52 TD (117 B.R. 231 \(N.D. Tex. 1990\) ..............................................................................................................................16) Tj /F30 5.58 Tf -13.20 -23.52 TD (In re i 1, 1 1. Inc.,) Tj /F28 9.90 Tf 13.20 -11.52 TD (117 B.R. 471 \(Bankr. D. Minn. 1 990\) ................................................................................................................... 36) Tj /F28 10.21 Tf -12.96 -23.52 TD (In re Boston Post Road Limited Partership,) Tj /F28 10.00 Tf 14.40 -11.52 TD (21 F.3d 477 \(2nd Cir. 1994\) ....................................................................................................................................6) Tj /F29 9.70 Tf -14.64 -23.28 TD (In re Buttonwood Parers. Ltd.,) Tj /F28 9.95 Tf 13.20 -11.52 TD (ILL B.R. 57 \(Bank. S.D.N.Y. 1 990\)...................................................................................................................... 36) Tj /F29 9.90 Tf -13.20 -23.28 TD (In re Centu Glove. Inc.,) Tj /F29 9.02 Tf 13.20 -11.52 TD (1993 WL 239489 \(D. DeL. Feb. 10, 1993\)................................................................................................................5) Tj /F28 9.94 Tf -13.20 -23.52 TD (In re Commercial Western Finance Corp.,) Tj /F28 9.89 Tf 12.24 -11.52 TD (761 F.2d 1329 \(9th Cir. 1 985\) .................................................................................................................................. 6) Tj /F28 10.04 Tf -12.24 -23.28 TD (In re Drexel Burnham Lambert Group. Inc., 960 F.2d 285,293 \(2d Cir. 1992\)..........................................................18) Tj /F28 9.88 Tf 0.24 -23.52 TD (In re Elsinore Shore Assocs.,) Tj /F28 10.13 Tf 12.00 -11.52 TD (91 B.R. 238 \(Bank. D.NJ. 1988\) ..........................................................................................................................26) Tj /F29 9.05 Tf -12.00 -23.28 TD (In re Future Energy Com.,) Tj /F28 10.07 Tf 12.48 -11.28 TD (83 B.R. 470 \(Bank. S.D. Ohio 1988\) ....................................................................................................................26) Tj /F28 11.42 Tf 215.76 -53.76 TD (iv) Tj ET Q endstream endobj 55 0 obj << /XObject 145 0 R /Font 146 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 56 0 obj << /Length 147 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im34 Do Q Q q BT 3 Tr /F35 9.92 Tf 63.12 712.32 TD (In re Int'I Wireless Commc'ns Holdings, Inc.,) Tj /F35 10.07 Tf 14.64 -11.76 TD (No. 9802007 \(MFW\), 1999 Bank. LEXIS 1853 \(Bank. D. DeL. Mar. 26,1999\)................................................ 18) Tj /F35 9.94 Tf -14.88 -23.28 TD (In re Jersey City Medical Center,) Tj /F35 9.87 Tf 12.72 -11.52 TD (817 F.2d 1055 \(3d Cir. 1 987\) ................................................................................................................................... 6) Tj /F35 9.89 Tf -12.96 -23.28 TD (In re Kennedy,) Tj /F35 9.97 Tf 13.44 -11.76 TD (158 B.R. 589 \(Bank. D.NJ. 1 993\) ........................................................................................................................ 36) Tj /F35 10.00 Tf -13.68 -23.28 TD (In re Owens Coming, 419 F.3d 195,211 \(3rd Cir. 2005\) ........................................................................................... 15) Tj /F35 9.93 Tf -.24 -23.52 TD (In re PWS Holding Corp.,) Tj /F35 9.99 Tf 12.24 -11.52 TD (228 F.3d 224 \(3d Cir. 2000\) .............................................................................................................................17, 19) Tj /F35 9.93 Tf -12.48 -23.04 TD (In re PWS Holding Corp.,) Tj /F35 9.99 Tf 12.48 -11.76 TD (303 F.3d 308 \(3d Cir. 2002\) ...................................................................................................................................16) Tj /F35 9.90 Tf -12.72 -23.28 TD (In re Resorts Int'l. Inc.,) Tj /F35 10.10 Tf 13.44 -11.76 TD (145 B.R, 412 \(Bank. D.NJ. 1990\) ........................................................................................................................36) Tj /F36 9.66 Tf -13.68 -23.28 TD (In re Sullvan,) Tj /F35 10.00 Tf 12.24 -11.52 TD (26 B.R. 677 \(Bank. W.D. N.Y. 1 982\) .....................................................................................................................6) Tj /F35 9.92 Tf -12.48 -23.28 TD (In re U.S. Truck Co.,) Tj /F36 8.98 Tf 12.72 -11.52 TD (800 F.2d 581 \(6th Cir. 1 986\) ....................................................................................................................................6) Tj /F36 9.24 Tf -12.96 -23.28 TD (In re Vencor. Inc.,) Tj /F35 10.03 Tf 12.24 -11.76 TD (284 B.R. 79 \(Bank. D. DeL. 2002\).........................................................................................................................17) Tj /F35 9.93 Tf -12.48 -23.28 TD (In re WCI Cable, Inc.,) Tj /F35 10.04 Tf 12.24 -11.76 TD (282 B.R. 457 \(Bank. D. Ore. 2002\)....................................................................................................................... 16) Tj /F35 9.99 Tf -12.24 -23.28 TD (In re Zenith Elecs. Corp., 241 B.R. 92, 107 \(Bank. D. DeL. 1999\).............................................................................25) Tj /F35 9.95 Tf -.48 -23.52 TD (John Hancock Mut. Life Ins. Co. v. Route 37 Business Park Assocs.,) Tj /F35 10.00 Tf 12.72 -11.52 TD (987 F.2d 154 \(3d Cir. 1993\) .....................................................................................................................................6) Tj /F36 9.29 Tf -12.72 -23.28 TD (Kane v. Johns-Mansvile Corp.,) Tj /F36 8.98 Tf 12.72 -11.52 TD (843 F.2d 636 \(2nd Cir. 1 988\) ...................................................................................................................................5) Tj /F37 5.00 Tf -12.96 -23.52 TD (Matter of ) Tj /F35 5.00 Tf 40.56 0.00 TD (Wood ) Tj /F35 9.86 Tf 24.24 0.00 TD (brook Associates,) Tj /F36 8.98 Tf -51.36 -11.52 TD (19 F.3d 312 \(7th Cir. 1 994\) ......................................................................................................................................6) Tj /F35 9.96 Tf -13.68 -23.28 TD (Menard-Sanford v. Mabey \(In re A. H. Robins Co.\), 880 F.2d 694, 701 \(4th Cir. 1988\), cert. denied, 493 U.S. 959) Tj /F35 9.91 Tf 12.48 -13.44 TD (\(1989\) .................................................................................................................................................................... . 18) Tj /F35 10.00 Tf -12.96 -21.36 TD (NLRB v. Bildisco & Bildisco, 465 U.S. 513, 528 \(1984\) ...........................................................................................25) Tj /F37 5.00 Tf 0.24 -23.52 TD (United States v. Reorganized CF&I Fabricators of ) Tj /F36 9.06 Tf 203.28 0.00 TD (Utah, Inc.,) Tj /F36 8.99 Tf -190.80 -11.28 TD (518 U.S. 213 \(1 996\) ...............................................................................................................................................29) Tj /F35 12.00 Tf 217.68 -100.32 TD (v) Tj ET Q endstream endobj 57 0 obj << /XObject 148 0 R /Font 149 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 58 0 obj << /Length 150 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im41 Do Q Q q BT 3 Tr /F42 12.04 Tf 134.16 709.20 TD (lL. French Automotive Castings, Inc. and its affiliated debtors and debtors-in-) Tj /F42 11.97 Tf -72.96 -27.60 TD (possession in the above-captioned chapter 11 cases \(collectively, "Debtors"\) hereby submit this) Tj /F42 12.24 Tf 0.00 -27.60 TD (memorandum oflaw \(the "Memorandum"\) in support of confrmation ofthe Debtors' First) Tj /F43 5.00 Tf 0.00 -27.36 TD (Amended Joint Plan of ) Tj 113.76 0.24 TD (Reorganization under Chapter 11 of ) Tj /F42 12.33 Tf 174.48 0.48 TD (the United States Banruptcy Code) Tj /F43 5.00 Tf -288.00 -30.72 TD (\(docket no. 245, the "Plan"\) pursuant to section 1129 of ) Tj 270.48 3.12 TD (title 11 of ) Tj /F43 8.08 Tf 49.20 0.00 TD (the United States Code, 11) Tj /F42 12.20 Tf -319.92 -28.56 TD (U.S.C. 101-1532 \(the "Banruptcy Code"\). Capitalized terms used but not otherwise defined) Tj /F42 11.93 Tf 0.00 -27.60 TD (herein shall have the meanings ascribed to such terms in the Plan, or, if not defined in the Plan,) Tj -.24 -27.60 TD (then as defined in the in the Disclosure Statement \(docket no. 246\).) Tj 229.92 -27.60 TD (I.) Tj /F44 12.19 Tf -185.28 -30.72 TD (BACKGROUND AND BRIEF DESCRIPTION OF PLAN AND VOTING) Tj /F42 11.93 Tf 28.08 -25.68 TD (The Debtors are leading global designers and producers of high-pressure) Tj /F42 12.02 Tf -72.48 -28.08 TD (aluminum die-castings, specializing in automotive powertrain components. They have unionized) Tj /F42 12.04 Tf 0.00 -27.36 TD (manufacturing facilities located in Kentucky and Wisconsin. The Debtors currently produce a) Tj /F42 11.95 Tf -.24 -27.60 TD (broad range of aluminum die-cast components and assemblies, including engine blocks, oil pans,) Tj /F42 11.96 Tf 0.00 -27.60 TD (transmission cases, engine covers, bedplates, ladderframes, cam covers, and front end accessory) Tj /F44 10.94 Tf 0.24 -27.60 TD (drive brackets. The Debtors depend upon a select group of OEMs and first-tier automotive part) Tj /F43 5.00 Tf 0.24 -27.60 TD (suppliers for a majority of ) Tj 127.92 0.72 TD (their sales. During 2008, approximately 95% of ) Tj /F42 11.89 Tf 233.76 1.20 TD (the Debtors' sales) Tj /F42 12.27 Tf -361.92 -29.28 TD (revenue was attributable to just four customers- Ford Motor Company, General Motors) Tj /F42 11.95 Tf 0.24 -27.60 TD (Corporation, Magna International, Inc., and Chrysler, LLC \(the "Principal Customers"\).) Tj /F43 5.00 Tf 72.24 -27.12 TD (As described in the Debtors' Disclosure Statement, while most of ) Tj /F44 10.77 Tf 316.08 1.68 TD (the Debtors') Tj /F42 11.96 Tf -388.56 -29.52 TD (product lines are profitable, prior to the Petition Date the Debtors' financial results were) Tj /F42 11.93 Tf 0.24 -27.60 TD (seriously impaired by the loss of sales volume under many of their existing customer contracts.) Tj /F42 11.95 Tf 0.00 -27.36 TD (The precipitous decline in volume under these contracts and related loss of revenue rendered the) Tj /F42 6.24 Tf 213.60 -60.48 TD (1) Tj ET Q endstream endobj 59 0 obj << /XObject 151 0 R /Font 152 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 60 0 obj << /Length 153 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im48 Do Q Q q BT 3 Tr /F49 11.97 Tf 62.88 708.72 TD (Debtors unable to generate sufficient cash flow to service their debt obligations. The Debtors') Tj /F49 11.93 Tf 0.00 -27.60 TD (financial woes were exacerbated by the refusal of some of their customers to award certain new) Tj /F50 5.00 Tf -.24 -27.60 TD (business because of ) Tj /F51 10.85 Tf 97.44 0.24 TD (the Debtors' over-leveraged balance sheet. In the months prior to the) Tj /F49 11.93 Tf -97.20 -27.60 TD (Petition Date, the Debtors had no access to working capital and were unable to stay current on) Tj -.24 -27.60 TD (their payment obligations under the First Lien and Second Lien Credit and Guaranty) Tj /F49 11.76 Tf 0.00 -27.60 TD (Agreements.) Tj /F49 11.91 Tf 72.48 -27.12 TD (Several months prior to the Petition Date, the Debtors engaged in discussions with) Tj /F49 11.93 Tf -72.24 -27.84 TD (its Principal Customers and its principal Creditors to put together the essential pieces of an) Tj /F49 12.03 Tf 0.00 -27.60 TD (overall restructuing of its capital structure and certain accommodations from the Principal) Tj /F51 10.83 Tf 0.00 -27.60 TD (Customers. The Plan represents the culmination of several months of prepetition and post-) Tj /F49 11.93 Tf -.24 -27.60 TD (petition negotiations, and accomplishes a very significant reduction in debt, and many of the) Tj /F49 12.04 Tf 0.24 -27.60 TD (accommodations the Debtors sought from their Principal Customers. The Plan has the support of) Tj /F50 5.00 Tf 0.24 -27.36 TD (substantially all of ) Tj /F49 11.91 Tf 90.72 0.24 TD (the Debtors' Creditors, and the Principal Customers.) Tj /F50 5.00 Tf -19.44 -27.36 TD (Under the Plan, approximately $160 milion of ) Tj /F49 11.87 Tf 227.28 1.20 TD (First Lien Claims and) Tj /F49 12.12 Tf -298.56 -29.76 TD ($64 milion of Second Lien Claims wil be converted into equity interests in Reorganized) Tj /F49 12.11 Tf -.24 -26.88 TD (Debtors, and approximately $50 milion of immediately due First Lien Revolving Claims wil be) Tj /F50 5.00 Tf 0.00 -27.84 TD (converted into a four-year term loan. All of ) Tj /F49 12.00 Tf 212.88 1.20 TD (this is being accomplished with the full consent of) Tj /F50 5.00 Tf -213.12 -28.56 TD (the secured lenders involved. Upon the Effective Date of ) Tj /F51 10.67 Tf 277.68 1.44 TD (the Plan, the Debtors expect certain) Tj /F49 11.93 Tf -277.44 -28.80 TD (new business and price accommodations from one or more of the Principal Customers to go into) Tj /F49 11.40 Tf 0.24 -27.60 TD (effect.) Tj /F49 11.93 Tf 71.76 -27.12 TD (The Plan does not impair the Debtors' collective bargaining agreements, does not) Tj -71.52 -27.84 TD (seek to modify any obligations under the Debtors' unionized employees' pension plans, and does) Tj -.24 -27.36 TD (not seek to relieve the Debtors from their ongoing obligations under state and federal) Tj /F49 10.56 Tf 229.92 -62.40 TD (2) Tj ET Q endstream endobj 61 0 obj << /XObject 154 0 R /Font 155 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 62 0 obj << /Length 156 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im55 Do Q Q q BT 3 Tr /F56 12.00 Tf 62.16 709.68 TD (environmental laws. The provisions of the Plan relating to those obligations have been approved) Tj /F57 5.00 Tf 0.00 -27.60 TD (by representatives of ) Tj /F58 10.84 Tf 102.24 0.24 TD (the Pension Benefit Guaranty Corporation and the U.S. Environmental) Tj /F58 10.87 Tf -102.24 -27.60 TD (Protection Agency.) Tj /F56 11.91 Tf 71.52 -27.36 TD (Three Classes of Creditors were entitled to vote on the Plan: Class 3 \(First Lien) Tj /F56 11.99 Tf -71.52 -27.84 TD (Claims\), Class 4 \(Second Lien Claims\) and Class 5 \(General Unsecured Claims\). The Vote) Tj 0.00 -27.84 TD (Certification filed with the Cour prior to the Confirmation Hearing establishes that Classes 3, 4) Tj /F58 10.75 Tf -.24 -27.36 TD (and 5 voted to accept the Plan. The vote of Classes 3 and 4 in favor of the Plan were unanimous.) Tj /F57 5.00 Tf 0.00 -27.60 TD (Class 5 voted 89% in number and 98% in dollar amount in favor of ) Tj /F56 12.13 Tf 324.24 1.20 TD (the Plan. However, because) Tj /F56 11.92 Tf -324.24 -28.80 TD (Class 6 Preferred Equity Interests and Class 7 Common Equity Interests are receiving nothing) Tj /F56 11.93 Tf -.48 -27.36 TD (under the Plan, they are deemed to have rejected the Plan, and the Debtors must confirm the Plan) Tj /F58 11.35 Tf 0.00 -27.60 TD (under the cramdown provisions of section 1129 \(b\) of the Banptcy Code.) Tj /F56 11.92 Tf 71.76 -27.12 TD (As described in the Going Concern Valuation contained in the Plan Supplement,) Tj /F57 5.00 Tf -72.00 -27.84 TD (the post-Effective Date going concern value of ) Tj /F56 12.10 Tf 226.56 0.96 TD (the Reorganized Debtors is between $120 millon) Tj -226.08 -28.56 TD (and $150 millon. The Allowed Claims of the First Lien Lenders are in excess of $21 0 milion,) Tj /F56 12.02 Tf -.24 -27.60 TD (and they hold liens on substantially all of the assets of the Debtors. Thus, Classes junior in) Tj /F56 11.94 Tf -.24 -27.60 TD (priority to Class 3 \(which accepted the Plan\), like Classes 5, 6 and 7 can have no complaint) Tj /F58 11.16 Tf 0.24 -27.60 TD (under Bankptcy Code Section 1129\(b\) if they receive less than payment in full on their Claims,) Tj /F56 12.01 Tf 0.00 -27.36 TD (or nothing on account of their Equity Interests. Based upon the Going Concern Valuation, the) Tj /F57 5.00 Tf 0.00 -27.60 TD (Plan, as required by section 1129\(b\) of ) Tj /F56 12.19 Tf 188.40 0.96 TD (the Banruptcy Code, does not discriminate unfairly and) Tj /F56 11.90 Tf -188.40 -28.56 TD (is fair and equitable with respect to all rejecting Classes.) Tj /F56 11.92 Tf 72.00 -27.12 TD (Similarly, no Holder of Claims or Equity Interests that voted against confirmation) Tj /F56 5.00 Tf -72.00 -27.84 TD (of ) Tj /F56 11.94 Tf 12.72 0.00 TD (the Plan has any credible argument that it would receive more in a chapter 7 liquidation than it) Tj /F56 12.03 Tf -12.72 -27.12 TD (is receiving under the Plan. The Liquidation Analysis contained in the Plan Supplement) Tj /F56 9.12 Tf 230.16 -62.64 TD (3) Tj ET Q endstream endobj 63 0 obj << /XObject 157 0 R /Font 158 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 64 0 obj << /Length 159 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im62 Do Q Q q BT 3 Tr /F63 5.00 Tf 61.92 710.16 TD (provides a reasonable estimate of ) Tj 162.72 0.00 TD (the liquidation values of ) Tj /F64 11.88 Tf 118.56 0.48 TD (the Debtors \(approximately $27) Tj /F63 5.00 Tf -281.28 -28.08 TD (milion to $55.7 milion\) upon a hypothetical conversion of ) Tj /F64 11.90 Tf 286.80 0.48 TD (the Chapter 11 Cases to cases under) Tj /F65 11.37 Tf -286.56 -28.08 TD (chapter 7 of the Bankptcy Code. The First Lien Revolving Lender has an Allowed Claim of) Tj /F64 12.10 Tf -.24 -27.60 TD (approximately $50 milion, leaving less than $6 milion to be distributed to First Lien Term Loan) Tj /F64 11.92 Tf 0.00 -27.36 TD (Lenders in any such chapter 7 liquidation, a 4% recovery, while under the Plan they are receiving) Tj /F64 12.05 Tf 0.00 -27.60 TD (an estimated 42% recovery. All other Holders of Claims and Equity Interests, including all of) Tj /F64 11.93 Tf 0.00 -27.60 TD (Class 5 \(General Unsecured Claims\), Class 6 \(Preferred Equity Interests\) and Class 7 \(Common) Tj /F64 12.02 Tf -.24 -27.60 TD (Equity Interests\) would receive nothing in a chapter 7 liquidation. Therefore, each Holder of an) Tj 0.00 -27.60 TD (Impaired Claim or Equity Interest has either has accepted the Plan or wil receive or retain under) Tj /F64 11.93 Tf -.48 -27.60 TD (the Plan on account of such Claim or Equity Interest property of a value, as of the Effective Date,) Tj /F64 11.94 Tf 0.00 -27.60 TD (that is not less than the amount that such Claim Holder or Equity Interest Holder would receive) Tj /F65 11.15 Tf 0.00 -27.36 TD (pursuant to a liquidation of the Debtors under chapter 7 of the Bankptcy Code. Thus, the Plan) Tj /F63 5.00 Tf 0.48 -27.60 TD (satisfies the requirements of ) Tj 137.76 0.48 TD (section 1129 \(a\)\(7\) of ) Tj /F64 12.31 Tf 106.56 0.24 TD (the Banruptcy Code in all respects.) Tj /F64 11.92 Tf -172.08 -28.08 TD (This Memorandum, coupled with evidence to be adduced at the Confirmation) Tj /F64 12.11 Tf -72.72 -27.60 TD (Hearing by Debtors wil demonstrate that the Plan should be confirmed. The Plan complies with) Tj /F64 12.20 Tf 0.00 -27.60 TD (every relevant section of the Bankruptcy Code and Bankptcy Rules, including sections 1122,) Tj /F63 5.00 Tf 1.20 -27.60 TD (1123 and 1129 of ) Tj /F65 11.64 Tf 86.16 0.24 TD (the Bankptcy Code, and applicable non-bankptcy laws. Accordingly, the) Tj /F63 5.00 Tf -87.36 -27.84 TD (Debtors submit that the Court should enter an order confirming the Plan, in the form of ) Tj /F64 11.59 Tf 419.52 1.68 TD (the) Tj /F64 11.94 Tf -419.52 -29.28 TD (Confirmation Order attached hereto as Exhibit 1.) Tj /F64 12.57 Tf 227.52 -27.60 TD (II.) Tj /F64 12.68 Tf -187.92 -30.48 TD (THE PLAN SATISFIES EACH OF THE REQUIREMENTS OF SECTION) Tj /F65 11.82 Tf -20.64 -15.12 TD (1129\(A\) OF THE BANKRUPTCY CODE EXCEPT FOR SUBSECTION 1129\(A\)\(8\)) Tj /F65 11.41 Tf 54.00 -25.44 TD (Section 1129 ofthe Banptcy Code sets forth the requirements for confirmation) Tj /F64 12.04 Tf -72.96 -27.84 TD (of a chapter 11 plan. The Debtors, proponents of the Plan, must demonstrate that the Plan) Tj /F64 11.04 Tf 230.64 -45.84 TD (4) Tj ET Q endstream endobj 65 0 obj << /XObject 160 0 R /Font 161 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 66 0 obj << /Length 162 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im69 Do Q Q q BT 3 Tr /F70 11.06 Tf 63.12 709.44 TD (satisfies the applicable provisions of section 1129 of the Bankptcy Code by a preponderance of) Tj /F70 10.98 Tf -.48 -27.60 TD (the evidence. See In re Briscoe Enter., Ltd. II, 994 F.2d 1160, 1165 \(5th Cir. 1993\) \(holding that) Tj /F71 12.26 Tf 0.24 -27.60 TD (appropriate standard of proof under section 1129 of Bankptcy Code is preponderance of) Tj /F71 12.31 Tf -.24 -27.36 TD (evidence\); 7 Coller on Bankptcy ilI129.02\(4\) \(15th rev. ed. 2008\) \("\(T\)he proponent bears the) Tj /F72 5.00 Tf -.24 -27.60 TD (burden of ) Tj /F71 11.94 Tf 48.96 0.24 TD (both introduction of evidence and persuasion that each subsection of section 1129 \(a\)) Tj /F72 5.00 Tf -49.20 -27.84 TD (has been satisfied."\). As demonstrated below by at least a preponderance of ) Tj /F70 10.62 Tf 367.44 1.20 TD (the evidence, and in) Tj /F71 12.01 Tf -367.20 -28.80 TD (substantially all instances by clear and convincing evidence, all of the applicable requirements) Tj /F72 5.00 Tf 0.00 -27.60 TD (of section 1129\(a\) of ) Tj 102.96 0.24 TD (the Banptcy Code, with the exception of ) Tj /F71 11.94 Tf 211.44 0.72 TD (the requirements of section) Tj /F72 5.00 Tf -313.44 -28.32 TD (1129 \(a\)\(8\) of ) Tj /F71 12.15 Tf 68.88 0.24 TD (the Banruptcy Code, have been satisfied with respect to the Plan.) Tj /F72 9.76 Tf -70.32 -33.84 TD (A. Section 1129\(a\)\(I\): The Plan Complies With) Tj /F71 12.61 Tf 35.76 -13.68 TD (All Applicable Provisions of Bankruptcv Code) Tj /F72 5.00 Tf 36.96 -25.68 TD (Section 1129\(a\)\(1\) of ) Tj /F71 12.87 Tf 104.88 0.48 TD (the Banptcy Code provides that a cour may confirm a) Tj /F71 12.02 Tf -177.84 -28.08 TD (plan of reorganization only if "the plan complies with the applicable provisions of this title." 11) Tj /F72 5.00 Tf 0.00 -27.60 TD (U.S.C. 1129\(a\)\(1\). The legislative history of ) Tj 227.76 0.96 TD (section 1129 \(a\)\(l\) of ) Tj /F71 14.17 Tf 103.68 0.24 TD (the Banptcy Code) Tj /F71 11.95 Tf -331.20 -28.56 TD (indicates that this provision encompasses the requirements of sections 1122 and 1123 of the) Tj /F72 5.00 Tf -.24 -27.60 TD (Banptcy Code governing classification of claims and contents of ) Tj /F71 12.20 Tf 327.84 1.20 TD (the plan, respectively. See) Tj /F71 11.95 Tf -327.84 -28.80 TD (H.R. Rep. No. 95-595, at 412 \(1977\); S. Rep. No. 95-989, at 126 \(1978\); see also In re Johns-) Tj /F71 12.05 Tf 0.00 -27.60 TD (Manvile Corp., 843 F.2d 636, 648-9 \(2nd Cir. 1988\); In re Century Glove. Inc., 1993 WL) Tj /F71 11.64 Tf 0.00 -27.36 TD (239489, *6 \(D. DeL. Feb. 10, 1993\).) Tj /F72 9.09 Tf 36.00 -27.60 TD (a. Section 1122: Classification of Claims and Interests) Tj /F72 5.00 Tf 36.48 -25.44 TD (Section 1122\(a\) of ) Tj /F71 12.88 Tf 90.96 0.48 TD (the Banptcy Code provides in relevant par that "a plan) Tj /F71 12.04 Tf -163.68 -28.08 TD (may place a claim or an interest in a paricular class only if such claim or interest is substantially) Tj /F71 12.13 Tf 0.24 -27.36 TD (similar to the other claims or interests of such class." 11 U.S.C. 1122\(a\). A plan proponent) Tj /F71 11.96 Tf -.24 -27.36 TD (has significant flexibility in classifying claims and interests under section 1122 of the) Tj /F71 9.60 Tf 230.88 -46.80 TD (5) Tj ET Q endstream endobj 67 0 obj << /XObject 163 0 R /Font 164 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 68 0 obj << /Length 165 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im76 Do Q Q q BT 3 Tr /F77 12.19 Tf 61.44 709.44 TD (Bankptcy Code, as long as a reasonable legal or factual basis exists for the classification and) Tj /F77 12.07 Tf 0.00 -27.60 TD (all claims or interests within a paricular class are substantially similar. See John Hancock Mut.) Tj /F77 11.92 Tf -.24 -27.36 TD (Life Ins. Co. v. Route 37 Business Park Assocs., 987 F.2d 154 \(3d Cir. 1993\); In re Jersey City) Tj /F77 11.93 Tf 0.00 -27.60 TD (Medical Center, 817 F.2d 1055, 1060-61 \(3d Cir. 1987\) \("Congress intended to afford) Tj /F78 5.00 Tf -.24 -27.60 TD (banptcy judges broad discretion \(under section 1122\) to decide the propriety of ) Tj /F77 11.95 Tf 396.48 1.20 TD (plans in light) Tj /F77 5.00 Tf -396.48 -28.80 TD (of ) Tj /F79 10.92 Tf 12.48 0.00 TD (the facts of each case"\). Moreover, "\(s\)ection 1122\(a\) does not demand that all similar claims) Tj /F79 11.16 Tf -12.72 -27.60 TD (be in the same class. To the contrary, the banptcy court has substantial discretion to place) Tj /F77 12.09 Tf 0.24 -27.60 TD (similar claims in different classes," ifthere is a reason to do so. In re Dow Corning Corp., 280) Tj -.24 -27.36 TD (F.3d 648,661-662 \(6th Cir. 2002\); see also, In re Boston Post Road Limited Parnership, 21 F.3d) Tj /F77 12.08 Tf 0.00 -27.60 TD (477,482-484 \(2nd Cir. 1994\); In re Woodbrook Associates, 19 F.3d 312,318-319 \(7th Cir.) Tj /F77 10.97 Tf 1.20 -27.60 TD (1994\).) Tj /F78 5.00 Tf 70.32 -27.36 TD (The Plan's classification scheme is proper and satisfies section 1122 of ) Tj /F77 11.59 Tf 342.48 1.20 TD (the) Tj /F77 12.19 Tf -414.00 -28.80 TD (Bankptcy Code because such scheme recognizes the differing legal and equitable rights of the) Tj /F77 11.90 Tf -.24 -27.60 TD (Holders of Claims and Equity Interests.) Tj /F78 7.93 Tf 99.36 -28.08 TD (. Class 1. Class 1 provides for the separate classification of Other Priority) Tj /F78 5.00 Tf 18.00 -13.68 TD (Claims entitled to priority under section 507\(a\) of ) Tj /F77 13.98 Tf 240.48 0.96 TD (the Banptcy Code,) Tj /F77 11.92 Tf -240.48 -17.04 TD (\(other than Administrative Claims or Priority Tax Claims which are not) Tj /F79 10.77 Tf -.24 -11.52 TD (classified and are separately treated\). Class 1 Claims are appropriately) Tj /F78 5.00 Tf 0.00 -13.68 TD (classified separately since, pursuant to section 1129\(a\)\(9\) of ) Tj /F77 11.59 Tf 289.92 1.20 TD (the) Tj /F77 12.59 Tf -289.92 -14.88 TD (Banptcy Code, each Holder of an Other Priority Claim must) Tj /F77 11.87 Tf 0.00 -13.92 TD (generally receive payment in full.) Tj /F78 7.92 Tf -18.00 -26.40 TD (. Class 2. Class 2 provides for the separate classification of all Other) Tj /F77 12.02 Tf 18.48 -13.92 TD (Secured Claims. Separate classification of secured creditors is) Tj /F77 12.53 Tf -.48 -13.68 TD (appropriate and generally required. See,~, In re Commercial Western) Tj /F77 11.91 Tf 0.00 -13.68 TD (Finance Corp., 761 F.2d 1329, 1338 \(9th Cir. 1985\); In re Sullivan, 26) Tj /F78 9.27 Tf 0.00 -13.92 TD (B.R. 677 \(Ban. W.D.N.Y. 1982\).) Tj /F79 11.35 Tf -18.00 -26.40 TD (. Class 3. Class 3 provides for the separate classification of all First Lien) Tj /F77 11.92 Tf 18.24 -13.68 TD (Claims arising from the prepetition first priority secured loan \(both) Tj /F77 11.91 Tf -.48 -13.68 TD (revolving and term loan\) made by the First Lien Lenders to the Debtors.) Tj /F77 10.08 Tf 113.28 -64.08 TD (6) Tj ET Q endstream endobj 69 0 obj << /XObject 166 0 R /Font 167 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 70 0 obj << /Length 168 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im83 Do Q Q q BT 3 Tr /F84 7.97 Tf 161.28 707.52 TD (. Class 4. Class 4 provides for the separate classification of all Second) Tj /F85 11.90 Tf 17.76 -13.44 TD (Lien Claims arising from the prepetition second priority secured term) Tj /F85 11.89 Tf 0.00 -13.92 TD (loan made by the Second Lien Lenders to the Debtors.) Tj /F84 7.92 Tf -18.00 -26.64 TD (. Class 5. Class 5 provides for the separate classification of all General) Tj /F85 11.86 Tf 17.76 -13.92 TD (Unsecured \(non-priority\) Claims.) Tj /F84 7.86 Tf -17.76 -26.64 TD (. Class 6. Class 6 provides for the separate classification of all Preferred) Tj /F85 12.03 Tf 17.76 -13.68 TD (Equity Interests. These Class 6 Preferred Equity Interests are) Tj /F85 11.96 Tf 0.00 -13.68 TD (appropriately classified separately from Claims because they consist of) Tj /F85 11.90 Tf 0.00 -13.68 TD (equity interests in the Debtors, not debt Claims, and separate from) Tj /F85 11.89 Tf 0.24 -13.92 TD (Class 7 because they represent certain Equity Interest rights senior to) Tj /F85 11.84 Tf -.48 -13.68 TD (those of Class 7.) Tj /F86 11.29 Tf -17.52 -26.64 TD (. Class 7. Class 7 provides for the separate classification of all Common) Tj /F85 12.05 Tf 17.52 -13.68 TD (Equity Interests. These Class 7 Common Equity Interests are) Tj /F85 11.97 Tf 0.24 -13.92 TD (appropriately classified separately from Claims because they consist of) Tj /F85 11.91 Tf 0.00 -13.68 TD (equity interests in the Debtors, not debt Claims, and separate from) Tj /F85 11.90 Tf 0.00 -13.92 TD (Class 6 because they represent certain Equity Interest rights junior to) Tj /F85 11.87 Tf -.48 -13.68 TD (those of Class 6.) Tj /F85 11.94 Tf -45.36 -25.92 TD (No party in interest has objected to the classification of Claims or Equity Interests) Tj /F85 12.01 Tf -71.28 -27.84 TD (under the Plan. Each of the Claims or Equity Interests in each particular Class is substantially) Tj 0.24 -27.84 TD (similar to the other Claims or Equity Interests in such Class. Each Class has substantially) Tj /F85 11.92 Tf -.24 -27.36 TD (different legal rights from every other Class, ranging from payment in full to no payment at all.) Tj /F85 11.93 Tf 0.00 -27.36 TD (The classification of Claims and Equity Interests in the Plan therefore complies with section) Tj /F86 12.02 Tf 1.20 -27.60 TD (1122 of the Banptcy Code.) Tj /F84 9.81 Tf 35.04 -27.60 TD (b. Section 1123: Contents of Plan) Tj /F84 5.00 Tf 36.00 -25.44 TD (Section 1123\(a\) of ) Tj /F85 12.80 Tf 91.44 0.48 TD (the Banptcy Code sets forth certain mandatory) Tj /F85 12.10 Tf -163.68 -28.32 TD (requirements with respect to chapter 11 plans. See 11 U.S.C. 1123\(a\). As demonstrated) Tj /F84 5.00 Tf 0.00 -27.60 TD (below, the Plan complies fully with each such requirement. Section 1123\(b\) of ) Tj /F85 15.14 Tf 382.08 2.40 TD (the Banptcy) Tj /F85 11.92 Tf -381.84 -29.76 TD (Code sets forth certain permissive provisions that may be incorporated into a chapter 11 plan.) Tj /F84 5.00 Tf 0.24 -27.36 TD (See 11 U.S.c. 1123\(b\). Each such provision of ) Tj /F85 12.01 Tf 238.56 1.44 TD (the Plan is consistent with section 1123\(b\) of) Tj /F85 13.98 Tf -239.04 -29.04 TD (the Banptcy Code.) Tj /F85 10.08 Tf 230.64 -54.00 TD (7) Tj ET Q endstream endobj 71 0 obj << /XObject 169 0 R /Font 170 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 72 0 obj << /Length 171 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im90 Do Q Q q BT 3 Tr /F91 8.94 Tf 137.04 708.24 TD (1. Section 1123\(a\)\(1\): Desi2nation of Classes of Claims and Interests) Tj /F91 5.00 Tf -.24 -25.20 TD (Section 1123\(a\)\(l\) of ) Tj /F92 12.62 Tf 102.00 0.00 TD (the Banptcy Code requires that a plan designate classes) Tj /F93 11.25 Tf -175.20 -27.60 TD (of claims and interests, other than claims of a kind specified in Banptcy Code sections) Tj /F92 11.96 Tf 0.24 -27.84 TD (507\(a\)\(2\) \(administrative expenses\), 507\(a\)\(3\) \(claims arising during "gap" period in an) Tj /F92 12.16 Tf -.48 -27.36 TD (involuntar case\), and 507\(a\)\(8\) \(priority tax claims\). In addition to Administrative Claims, DIP) Tj /F92 12.06 Tf -.24 -27.36 TD (Facility Claims and Priority Tax Claims \(which are not required to be classified\), Aricle III of) Tj /F92 12.02 Tf -.24 -27.60 TD (the Plan designates five Classes of Claims and two Classes of Equity Interests. The Claims and) Tj /F92 11.93 Tf 0.00 -27.60 TD (Equity Interests placed in each Class are substantially similar to other Claims or Equity Interests) Tj /F93 10.83 Tf 0.00 -27.60 TD (in each such Class. Valid business, factual, and legal reasons exist for classifying the various) Tj /F92 12.09 Tf 0.00 -27.60 TD (Classes of Claims and Equity Interests in the maner set forth in the Plan, and such Classes do) Tj /F92 12.03 Tf -.48 -27.60 TD (not unfairly discriminate between Holders of Claims or Equity Interests. As a result, the Plan) Tj /F91 5.00 Tf 0.24 -27.36 TD (satisfies the requirements of sections 1122 and 1123\(a\)\(1\) of ) Tj /F92 14.01 Tf 292.80 0.48 TD (the Banptcy Code.) Tj /F91 9.21 Tf -220.56 -28.08 TD (2. Section 1123\(a\)\(2\): Specification of Unimpaired Classes) Tj /F91 5.00 Tf 0.48 -25.68 TD (Section 1123\(a\)\(2\) of ) Tj /F92 12.63 Tf 104.64 0.24 TD (the Banptcy Code requires that the Plan specify Classes) Tj /F92 12.04 Tf -177.84 -27.84 TD (of Claims or Equity Interests that are not Impaired under the Plan. Article III of the Plan) Tj /F92 11.94 Tf 0.24 -27.36 TD (specifies whether each Class of Claims and Equity Interests is Impaired or not Impaired under) Tj /F91 5.00 Tf -.48 -27.60 TD (the Plan. Therefore, the Plan satisfies the requirements of ) Tj 280.80 0.48 TD (section 1123 \(a\)\(2\) of ) Tj /F93 10.90 Tf 106.56 0.24 TD (the Bankruptcy) Tj /F92 11.79 Tf -387.12 -28.32 TD (Code.) Tj /F91 5.00 Tf 72.24 -27.60 TD (3. Section 1123\(a\)\(3\): Specification of ) Tj 219.12 0.48 TD (Treatment of ) Tj /F92 12.67 Tf 70.56 0.24 TD (Impaired Classes) Tj /F91 5.00 Tf -289.20 -26.16 TD (Section 1123\(a\)\(3\) of ) Tj /F92 12.75 Tf 104.88 0.24 TD (the Banptcy Code requires that a plan "specify the) Tj /F92 12.04 Tf -178.08 -27.84 TD (treatment of any class of claims or interests that is impaired under the plan." 11 U.S.C.) Tj /F91 5.00 Tf 0.72 -27.36 TD ( 1123\(a\)\(3\). Aricle III of ) Tj /F92 11.94 Tf 135.84 0.24 TD (the Plan sets forth the treatment of each Impaired Class of Claims or) Tj /F92 12.57 Tf -136.56 -27.60 TD (Equity Interests. Therefore, the Plan satisfies section 1123 \(a\)\(3\) ofthe Banptcy Code.) Tj /F92 9.12 Tf 231.12 -68.64 TD (8) Tj ET Q endstream endobj 73 0 obj << /XObject 172 0 R /Font 173 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 74 0 obj << /Length 174 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im97 Do Q Q q BT 3 Tr /F98 9.59 Tf 135.60 709.20 TD (4. Section 1123\(a\)\(4\): Equal Treatment Within Each Class) Tj /F98 5.00 Tf 0.24 -25.68 TD (Section 1123\(a\)\(4\) of ) Tj /F99 12.68 Tf 104.88 0.00 TD (the Banptcy Code requires that the Plan provide the) Tj /F99 12.05 Tf -177.60 -27.84 TD (same treatment for each claim or equity interest within a paricular class unless the holder of) Tj /F99 11.91 Tf 0.00 -27.60 TD (such claim or equity interest agrees to receive less favorable treatment than other class members.) Tj /F99 11.93 Tf -.24 -27.36 TD (The Plan provides for such similar treatment in each Class, except in cases where a Holder) Tj /F99 12.02 Tf -.24 -27.60 TD (within a Class has consented to less favorable treatment. Two Creditors, W.Y. Campbell and) Tj /F99 11.94 Tf 0.00 -27.60 TD (Morgan Stanley, holders of Class 5 General Unsecured Claims, consented to less favorable) Tj /F99 12.01 Tf -.24 -27.84 TD (treatment than that received by other Creditors in Class 5. Otherwise, all Creditors in each Class) Tj /F99 12.03 Tf 0.00 -27.36 TD (received substantially identical treatment. Therefore, the Plan therefore complies with section) Tj /F98 5.00 Tf 1.20 -27.60 TD (1123\(a\)\(4\) of ) Tj /F99 13.98 Tf 66.00 0.24 TD (the Banptcy Code.) Tj /F98 9.69 Tf 5.04 -27.84 TD (5. Section 1123\(a\)\(5\): Adequate Means for Implementation) Tj /F98 5.00 Tf 0.48 -25.44 TD (Section 1123 \(a\)\(5\) of ) Tj /F99 12.22 Tf 108.00 0.48 TD (the Banruptcy Code requires that a chapter 11 plan) Tj /F99 12.03 Tf -180.96 -28.32 TD (provide adequate means for its implementation. The Plan, together with the documents and) Tj /F99 11.94 Tf 0.24 -27.36 TD (agreements included in the Plan Supplement, provides adequate and proper means for) Tj /F99 12.03 Tf 0.00 -27.60 TD (implementation of the Plan, including, without limitation, \(i\) the retention by the Reorganized) Tj /F99 11.95 Tf -.24 -27.60 TD (Debtors of all property of the estates and the continued existence of the Debtors as Reorganized) Tj /F99 12.04 Tf 0.00 -27.60 TD (Debtors, \(ii\) the New Organizational Documents that wil govern the Reorganized Debtors after) Tj /F99 11.95 Tf -.24 -27.36 TD (the Effective Date, \(iii\) the selection and appointment of a new board of directors of Reorganized) Tj /F98 5.00 Tf 0.24 -27.60 TD (J.L. French Automotive Castings, Inc., \(iv\) entry into the DIP ) Tj /F99 12.17 Tf 298.08 1.44 TD (Facilty Exit Credit Documents) Tj /F98 5.00 Tf -298.08 -28.80 TD (and the CapitalSource Exit Credit Documents, \(v\) the cancellation of ) Tj /F99 11.90 Tf 333.12 1.68 TD (Equity Interests, and) Tj /F98 5.00 Tf -333.12 -31.44 TD (\(vi\) the issuance of ) Tj /F99 12.19 Tf 94.56 2.64 TD (the New Common Stock and Warants. Thus, the Plan satisfies the) Tj /F98 5.00 Tf -94.80 -27.84 TD (requirements of section 1123\(a\)\(5\) of ) Tj /F99 13.98 Tf 182.64 0.96 TD (the Banptcy Code.) Tj /F99 10.08 Tf 48.24 -94.56 TD (9) Tj ET Q endstream endobj 75 0 obj << /XObject 175 0 R /Font 176 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 76 0 obj << /Length 177 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im103 Do Q Q q BT 3 Tr /F104 9.06 Tf 134.16 709.44 TD (6. Section 1123\(a\)\(6\): Prohibition on of Nonvotin2 Equity Securities) Tj /F104 5.00 Tf 0.24 -25.44 TD (Section 1123 \(a\)\(6\) of ) Tj 108.24 0.24 TD (the Banptcy Code prohibits the issuance of ) Tj /F105 11.84 Tf 223.44 0.96 TD (nonvoting) Tj /F104 5.00 Tf -403.92 -28.80 TD (equity securities and requires the Reorganzed Debtors' charer to so provide. Aricle V of ) Tj /F105 11.59 Tf 435.84 1.20 TD (the) Tj /F105 11.96 Tf -436.08 -28.56 TD (Plan provides that the Reorganized J.L. French Automotive Castings, Inc. Certificate of) Tj /F105 12.01 Tf 0.00 -27.84 TD (Incorporation and the Reorganized J.L. French Automotive Castings, Inc. By-Laws wil, among) Tj /F104 5.00 Tf 0.00 -27.60 TD (other things, authorize the issuance of ) Tj 183.84 0.48 TD (New Common Stock and prohibit the issuance of ) Tj /F105 11.53 Tf 238.08 0.96 TD (non-) Tj /F104 5.00 Tf -422.16 -28.80 TD (voting securities pursuant to section 1123\(a\)\(6\) of ) Tj /F104 9.73 Tf 241.92 0.48 TD (the Bankptcy Code. The Second Amended) Tj /F105 11.92 Tf -241.92 -28.08 TD (and Restated Certificate of Incorporation and Second Amended and Restated By-Laws included) Tj /F105 11.91 Tf 0.00 -27.36 TD (in the Plan Supplement includes such prohibitions on the issuance of nonvoting equity securities.) Tj /F104 5.00 Tf 0.00 -27.60 TD (Thus, the Plan satisfies the requirements of section 1123\(a\)\(6\) of ) Tj /F105 13.04 Tf 312.72 0.72 TD (the Bankptcy Code.) Tj /F104 8.96 Tf -240.96 -28.32 TD (7. Section 1123\(a\)\(7\): Plan's Provisions Re2ardin2 Selection of Officers) Tj /F105 12.68 Tf 36.00 -13.68 TD (and Directors of Reor2anized Debtors Are Consistent With Public) Tj /F105 12.12 Tf -.48 -13.68 TD (Policv) Tj /F104 5.00 Tf -35.28 -25.44 TD (Section 1123\(a\)\(7\) of ) Tj /F105 12.65 Tf 105.12 0.24 TD (the Banptcy Code requires a plan to contain provisions) Tj /F105 11.94 Tf -177.60 -27.84 TD (that are consistent with the interests of creditors and equity security holders and with public) Tj /F105 12.08 Tf 0.00 -27.84 TD (policy with respect to the maner and selection of any officer, director or trustee under the plan.) Tj /F104 5.00 Tf 0.00 -27.60 TD (The provisions of ) Tj 87.12 0.24 TD (the Plan and the Reorganized Debtors' certificates of ) Tj /F106 11.00 Tf 256.80 0.96 TD (incorporation, bylaws or) Tj /F105 11.93 Tf -343.68 -28.80 TD (other organizational documents regarding the manner of selection of officers and directors of the) Tj 0.00 -27.12 TD (Reorganized Debtors are consistent with the interests of creditors and equity security holders and) Tj -.24 -27.84 TD (with public policy in that they provide for fundamental majority rule while protecting the) Tj /F105 11.88 Tf 0.24 -27.60 TD (interests of minority shareholders as welL. Prior to the Confirmation Hearing, the Stockholders') Tj /F105 11.95 Tf -.24 -27.36 TD (Agreement was amended to provide additional protections for minority shareholders and such) Tj /F105 12.02 Tf 0.24 -27.60 TD (amended Stockholders' Agreement, together with a blackline showing the changes, were fied) Tj /F105 12.63 Tf -.24 -27.36 TD (with the Banptcy Cour \(filed August 28, 2009, docket no 250\). Specifically, the) Tj /F105 11.92 Tf 0.48 -27.36 TD (Stockholders' Agreement was amended to provide Board observer rights to shareholders who) Tj /F105 10.08 Tf 227.76 -38.88 TD (10) Tj ET Q endstream endobj 77 0 obj << /XObject 178 0 R /Font 179 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 78 0 obj << /Length 180 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im110 Do Q Q q BT 3 Tr /F111 11.92 Tf 61.92 705.84 TD (\(i\) then hold at least 5% of the common stock, \(ii\) are then among the largest four shareholders) Tj /F111 11.91 Tf 0.00 -27.60 TD (\(including any shareholder entitled to designate a board member\) and \(iii\) either has no right to) Tj /F111 11.93 Tf 0.00 -25.20 TD (designate a director or has exercised such right by designating an individual who is not an) Tj /F111 11.99 Tf 0.00 -27.60 TD (officer, director, member, employee or principal of such shareholder. In addition, each 5% plus) Tj /F111 12.01 Tf 0.00 -27.60 TD (shareholder wil be entitled to receive the agenda and minutes of each board meeting and the) Tj /F111 11.93 Tf -.48 -27.36 TD (presentation materials provided to directors at each such meeting contemporaneously with the) Tj /F111 12.01 Tf 0.24 -27.60 TD (distribution of same to the directors of each board meeting. Accordingly, the Plan satisfies the) Tj /F112 5.00 Tf 0.00 -27.60 TD (requirements of section 1123 \(a\)\(7\) of ) Tj /F111 13.92 Tf 185.52 0.96 TD (the Banptcy Code.) Tj /F112 9.55 Tf -113.28 -28.32 TD (8. Section 1123\(a\)\(8\): Inapplicable) Tj /F112 5.00 Tf 0.24 -25.68 TD (Section 1123 \(a\)\(8\) of ) Tj /F111 11.91 Tf 108.48 0.72 TD (the Bankruptcy Code applies only to individual debtors and) Tj /F111 11.90 Tf -180.72 -28.32 TD (is not applicable in these Chapter 11 Cases.) Tj /F112 9.29 Tf 72.00 -27.36 TD (9. Section 1123\(b\)\(1\): Plan Impairs Certain Classes and Leaves Others) Tj /F111 12.81 Tf 35.52 -13.68 TD (Unimpaired) Tj /F112 5.00 Tf -35.28 -25.68 TD (Section 1123\(b\)\(l\) of ) Tj /F111 12.39 Tf 103.44 0.48 TD (the Bankptcy Code provides that a plan may "impair or) Tj /F111 12.02 Tf -175.68 -28.32 TD (leave unimpaired any class of claims, secured or unsecured, or of interests." 11 U.S.c.) Tj /F112 5.00 Tf 0.72 -27.36 TD ( 1123\(b\)\(l\). Article III of ) Tj /F111 11.92 Tf 130.32 0.48 TD (the Plan impairs or leaves unimpaired, as the case may be, each Class) Tj /F111 12.01 Tf -131.04 -28.32 TD (of Claims or Equity Interests under the Plan. Unimpaired Classes are: Class 1 \(Other Priority) Tj 0.24 -27.36 TD (Claims\) and Class 2 \(Other Secured Claims\). All other Classes are impaired: Class 3 \(First Lien) Tj /F111 11.93 Tf 0.00 -27.60 TD (Claims\), Class 4 \(Second Lien Claims\), Class 5 \(General Unsecured Claims\), Class 6 \(Preferred) Tj /F111 12.05 Tf -.24 -27.36 TD (Equity Interests and Class 7 \(Common Equity Interests\). Thus, the Plan satisfies the) Tj /F113 11.36 Tf 0.00 -27.60 TD (requirements of section 1123\(b\)\( 1\) of the Banptcy Code.) Tj /F112 5.00 Tf 72.96 -27.12 TD (10. Section 1123\(b\)\(2\): Treatment of ) Tj /F113 11.66 Tf 207.84 1.44 TD (Executorv Contracts and Unexpired) Tj /F111 12.17 Tf -172.80 -14.88 TD (Leases) Tj /F112 5.00 Tf -35.28 -25.68 TD (Section 1123\(b\)\(2\) of ) Tj /F113 11.71 Tf 106.08 0.72 TD (the Banptcy Code allows a Plan to provide for) Tj /F111 11.93 Tf -178.32 -28.56 TD (assumption, assumption and assignment, or rejection of executory contracts and unexpired leases) Tj /F111 8.88 Tf 228.48 -40.32 TD (11) Tj ET Q endstream endobj 79 0 obj << /XObject 181 0 R /Font 182 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 80 0 obj << /Length 183 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im117 Do Q Q q BT 3 Tr /F118 5.00 Tf 62.88 708.72 TD (pursuant to section 365 ofthe Banptcy Code. Aricle VI of ) Tj /F119 11.91 Tf 302.40 0.48 TD (the Plan provides for the) Tj /F119 11.94 Tf -302.40 -28.08 TD (assumption of the executory contracts and unexpired leases of the Debtors that have not been) Tj /F119 12.02 Tf -.24 -27.60 TD (previously been rejected and that are not rejected pursuant to the Plan. The Debtors included in) Tj /F119 12.03 Tf -.24 -27.60 TD (the Plan Supplement a list of the executory contracts and unexpired leases that they wil reject,) Tj /F119 12.05 Tf 0.24 -27.60 TD (effective upon confirmation of the Plan, and Aricle VI of the Plan provides that the) Tj /F118 5.00 Tf 0.00 -27.36 TD (Confirmation Order wil constitute an order under Section 365 of ) Tj /F119 13.21 Tf 314.64 0.96 TD (the Banuptcy Code) Tj /F119 12.03 Tf -314.88 -28.56 TD (authorizing such rejection. Article VI also provides that as to all other executory contracts and) Tj /F118 5.00 Tf -.24 -27.60 TD (unexpired leases of ) Tj 95.76 0.24 TD (the Debtors not included in the list of ) Tj /F119 11.88 Tf 181.44 0.48 TD (rejected contracts and leases in the) Tj /F119 11.94 Tf -276.96 -28.08 TD (Plan Supplement, those remaining contracts are assumed, effective upon confirmation of the) Tj /F119 12.04 Tf -.24 -27.60 TD (Plan, and Article VI of the Plan provides that the Confirmation Order wil constitute an order) Tj /F119 12.37 Tf -.24 -27.60 TD (under Section 365 ofthe Bankptcy Code authorizing such assumption. Thus, the Plan satisfies) Tj /F119 12.06 Tf -.24 -27.36 TD (the requirements of section 1123\(b \)\(2\) of the Bankrptcy Code.) Tj /F118 8.72 Tf 73.44 -27.60 TD (11. Section 1123\(b \)\(3\): Settlement or Retention of Claims or Interests) Tj /F118 5.00 Tf -.24 -25.44 TD (Section 1123\(b\)\(3\)\(A\) of ) Tj /F119 12.69 Tf 122.16 0.24 TD (the Banptcy Code provides that a plan may provide) Tj /F119 11.95 Tf -195.12 -28.08 TD (for the settlement or adjustment of any claim or interest belonging to a debtor or its estate, and) Tj /F118 5.00 Tf 0.24 -27.36 TD (section 1123\(b\)\(3\)\(B\) of ) Tj /F119 11.93 Tf 120.72 0.24 TD (the Bankruptcy Code provides that a plan may provide for the retention) Tj /F120 10.87 Tf -120.96 -28.08 TD (and enforcement of any claim or interest belonging to a debtor or its estate. The Plan) Tj /F118 5.00 Tf 0.00 -27.60 TD (accomplishes both. First, Aricle XA. of ) Tj /F119 11.92 Tf 200.88 0.72 TD (the Plan provides that, subject to certain exceptions,) Tj /F119 11.97 Tf -201.12 -28.32 TD (the provisions of the Plan constitute a compromise and settlement of all Claims and) Tj /F119 11.94 Tf 0.24 -27.36 TD (counterclaims resolved pursuant to the Plan, including certain Claims belonging to the Debtors) Tj /F119 12.19 Tf 0.00 -27.36 TD (and their Estates. Second, Aricle XH. of the Plan provides for the preservation, retention and) Tj /F119 11.96 Tf 0.00 -27.36 TD (enforcement by the Reorganized Debtors of Claims, Causes of Action, rights, and defenses not) Tj -.24 -27.36 TD (expressly settled or released under the Plan. Thus, the Plan satisfies the requirements of section) Tj /F118 5.00 Tf 1.20 -27.36 TD (1123\(b\)\(3\) of ) Tj /F119 13.07 Tf 66.96 0.00 TD (the Bankptcy Code.) Tj /F119 10.32 Tf 160.56 -37.20 TD (12) Tj ET Q endstream endobj 81 0 obj << /XObject 184 0 R /Font 185 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 82 0 obj << /Length 186 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im124 Do Q Q q BT 3 Tr /F125 9.06 Tf 135.12 709.20 TD (12. Section 1123\(b\)\( 4\): Inapplicable) Tj /F125 5.00 Tf -.24 -25.68 TD (Section 1123\(b\)\(4\) of ) Tj /F126 11.52 Tf 105.84 0.00 TD (the Banptcy Code provides that a plan may provide for) Tj /F127 11.92 Tf -178.32 -27.60 TD (the sale of all or substantially all of the property of the estate, and the distribution of the proceeds) Tj /F127 12.08 Tf 0.24 -27.60 TD (of such sale among holders of claims and interests. Under the Plan the Debtors are not sellng) Tj /F125 5.00 Tf -.48 -27.36 TD (their assets, therefore section 1123 \(b\)\(4\) of ) Tj /F127 12.85 Tf 211.92 0.24 TD (the Banptcy Code is not applicable in these) Tj /F127 11.75 Tf -211.68 -27.84 TD (Chapter 11 Cases.) Tj /F125 8.97 Tf 72.00 -27.60 TD (13. Section 1123\(b \)\(5\): Modifcation of Ri2hts of Secured Creditors) Tj /F125 5.00 Tf -.24 -25.68 TD (Section 1123\(b\)\(5\) of ) Tj /F127 12.37 Tf 105.84 0.00 TD (the Bankptcy Code allows a chapter 11 plan to modify) Tj /F127 12.02 Tf -178.32 -27.60 TD (the rights of secured creditors. Article III of the Plan modifies the rights of secured creditors by) Tj /F127 11.94 Tf -.24 -27.36 TD (providing certain of the Holders of Class 3 Claims and all of the Holders of Class 4 Claims with) Tj /F127 12.01 Tf 0.24 -27.84 TD (equity in the Reorganized Debtors in exchange for their Claims. Specifically, the Plan provides) Tj /F125 5.00 Tf -.24 -27.60 TD (the First Lien Term Loan Lenders with 95% of ) Tj /F127 11.94 Tf 227.28 0.48 TD (the common stock in the Reorganized Debtors in) Tj /F127 12.01 Tf -227.04 -28.08 TD (exchange for their approximate $160 milion of secured debt, and the Plan provides the Second) Tj /F125 5.00 Tf -.24 -27.36 TD (Lien Lenders 5% of ) Tj /F126 10.90 Tf 97.92 0.24 TD (the common stock \(plus certain out-of-the-money warrants\) in the) Tj /F127 12.10 Tf -97.92 -27.60 TD (Reorganized Debtors in exchange for their approximate $64 milion of secured debt. Thus, the) Tj /F127 12.14 Tf -.24 -27.60 TD (Plan satisfies the requirements of section 1123 \(b\)\( 5\) of the Bankptcy Code.) Tj /F125 9.22 Tf 72.24 -27.60 TD (14. Section 1123\(b\)\(6\): Other Appropriate Provisions) Tj /F125 5.00 Tf -.24 -25.44 TD (Section 1123\(b\)\(6\) of ) Tj /F126 11.56 Tf 106.08 0.24 TD (the Banptcy Code is a catchall provision that permits) Tj /F127 11.94 Tf -178.08 -27.84 TD (inclusion of any appropriate provision as long as it is not inconsistent with applicable provisions) Tj /F127 12.29 Tf 0.00 -27.84 TD (of the Bankptcy Code. The Plan contains certain other implementation provisions consistent) Tj /F126 11.34 Tf -.24 -27.36 TD (with the applicable provisions of the Bankptcy Code, including without limitation, as set forth) Tj /F127 11.94 Tf 0.00 -27.36 TD (in Article V of the Plan, the creation of the Retained Professional Escrow Account, the provision) Tj /F127 5.00 Tf 0.00 -27.60 TD (of ) Tj /F127 11.94 Tf 12.48 0.24 TD (tail coverage under a directors' and officers' insurance policy, and, as set forth in Article VIII) Tj /F127 12.03 Tf -12.48 -27.60 TD (of the Plan, mechanisms for the resolution of Disputed Claims. The Plan also provides for) Tj /F127 9.60 Tf 228.00 -40.80 TD (13) Tj ET Q endstream endobj 83 0 obj << /XObject 187 0 R /Font 188 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 84 0 obj << /Length 189 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im131 Do Q Q q BT 3 Tr /F132 11.91 Tf 61.92 706.08 TD (\(a\) deemed substantive consolidation, and \(b\) certain releases, exculpations, indemnifications) Tj /F132 11.89 Tf -.24 -25.44 TD (and injunctions, which are more fully discussed below.) Tj /F133 10.04 Tf 107.76 -27.36 TD (a. Substantive Consolidation) Tj /F133 5.00 Tf -36.24 -25.44 TD (Aricle I.C. of ) Tj /F132 11.91 Tf 70.08 0.00 TD (the Plan is premised upon substantively consolidating the Debtors) Tj /F132 11.93 Tf -141.84 -27.84 TD (for certain limited purposes, and provides that the Plan serves as a motion to approve the limited) Tj /F132 11.91 Tf 0.00 -27.84 TD (consolidation, and provides Holders of Claims and Equity Interests the opportunity to object.) Tj /F132 11.92 Tf 0.00 -27.36 TD (The Disclosure Statement expressly advised Holders of the proposed limited consolidation and) Tj /F132 12.07 Tf 0.00 -27.60 TD (explained the impact of such limited consolidation. No Holder objected. The Plan provides that,) Tj /F132 11.96 Tf -.24 -27.36 TD (except for Class 2 Claims, each and every Claim in the Debtors' Chapter 11 Cases against any of) Tj /F132 12.02 Tf -.24 -27.84 TD (the Debtors shall be deemed fied against the consolidated Debtors, and shall be deemed a single) Tj /F132 12.10 Tf 0.24 -27.60 TD (consolidated Claim against and obligation of all ofthe consolidated Debtors. Such limited) Tj /F132 12.08 Tf 0.00 -27.36 TD (consolidation does not affect \(other than for Plan voting and distribution puroses\): \(i\) the legal) Tj /F133 5.00 Tf 0.00 -27.60 TD (and corporate structures of ) Tj /F132 11.91 Tf 130.56 0.48 TD (the Reorganized Debtors; or \(ii\) pre- and post-Petition Date Liens,) Tj /F132 11.93 Tf -130.56 -27.84 TD (guarantees and security interests, if any, that are required to be maintained in connection with) Tj 0.00 -30.00 TD (\(x\) contracts that were entered into during the Debtors' Chapter 11 Cases or that have been or) Tj /F133 5.00 Tf -.24 -25.20 TD (wil be assumed pursuant to section 365 of ) Tj /F132 12.49 Tf 207.12 0.72 TD (the Bankptcy Code and this Plan, \(y\) the terms of) Tj /F133 5.00 Tf -207.36 -28.32 TD (the DIP Facility, the DIP Facility Exit Credit Documents, the Capital ) Tj /F132 11.80 Tf 330.96 1.44 TD (Source Exit Credit) Tj /F132 12.05 Tf -330.72 -28.80 TD (Documents, the New Common Stock and the Class 4 Warants, or \(z\) the other terms and) Tj /F134 11.06 Tf 0.24 -27.84 TD (conditions contained in the Plan. Moreover, notwithstanding the limited consolidation, each of) Tj /F132 12.01 Tf -.24 -27.36 TD (the Reorganized Debtors wil be deemed a separate and distinct entity, properly capitalized,) Tj /F132 11.94 Tf 0.00 -27.60 TD (vested with all of the assets of such Debtor as they existed prior to the Effective Date and having) Tj /F132 11.92 Tf -.24 -27.36 TD (the liabilities and obligations provided for under the Plan.) Tj /F132 11.93 Tf 72.00 -26.88 TD (Absent deemed substantive consolidation for voting and distribution purposes, the) Tj -71.52 -27.60 TD (Debtors would need to litigate the identity of the applicable Debtor entity against which each) Tj /F132 10.08 Tf 228.00 -37.20 TD (14) Tj ET Q endstream endobj 85 0 obj << /XObject 190 0 R /Font 191 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 86 0 obj << /Length 192 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im138 Do Q Q q BT 3 Tr /F139 11.99 Tf 62.40 709.20 TD (Claim resides and the legal theory in support of Claims asserted against the seven Debtors. Here,) Tj /F139 11.95 Tf -.72 -27.36 TD (the Creditors did not object to the limited deemed substantive consolidation contained in the) Tj /F139 12.02 Tf 0.24 -27.60 TD (Plan, and creditor consent can provide basis for substantive consolidation. See In re Owens) Tj /F140 5.00 Tf 0.00 -27.84 TD (Corning, 419 F.3d 195,211 \(3rd Cir. 2005\). The Creditors voted overwhelmingly in favor of ) Tj /F139 11.79 Tf 449.04 0.96 TD (the) Tj /F139 11.94 Tf -449.28 -28.32 TD (Plan, both in the number of creditors voting for the Plan and the dollar amount of claims the) Tj /F139 12.01 Tf 0.00 -27.60 TD (supporting Creditors hold. Therefore, the deemed limited substantive consolidation contained in) Tj /F141 11.39 Tf -.48 -27.36 TD (the Plan is not inconsistent with applicable provisions of the Banptcy Code.) Tj /F140 9.50 Tf 108.24 -27.60 TD (b. Release. Injunction. Indemnifcation and Exculpation) Tj /F139 12.39 Tf 36.00 -13.68 TD (Provisions) Tj /F139 12.04 Tf -72.00 -25.92 TD (Aricle X of the Plan contains provisions that provide for the release of certain) Tj /F139 11.95 Tf -72.72 -27.36 TD (non-debtor parties, injunctions precluding certain causes of action from being asserted, and the) Tj /F139 11.93 Tf 0.24 -27.60 TD (exculpation and indemnification of certain parties involved in these Chapter 11 Cases.) Tj /F140 5.00 Tf 0.24 -27.60 TD (Specifically, Aricles X.A., B. and C. of ) Tj /F139 11.91 Tf 194.16 0.48 TD (the Plan provide, respectively, for \(i\) the mutual release) Tj /F139 12.05 Tf -194.64 -27.84 TD (of certain paries \(the "Releasees"\) germane to the Plan or the agreements embodied therein \(the) Tj /F140 5.00 Tf 0.00 -27.60 TD ("Mutual Releases by Releasees"\) and \(ii\) the release of ) Tj /F139 11.91 Tf 266.88 0.48 TD (the Releasees by each Holder of a Claim) Tj /F139 11.96 Tf -267.36 -28.08 TD (that has affirmatively voted to accept the Plan and who is entitled to receive a distribution under) Tj /F139 12.06 Tf 0.00 -27.60 TD (the Plan \(the "Third Pary Release" and, together with the Mutual Releases by Releasees, the) Tj /F140 5.00 Tf 0.24 -27.36 TD ("Releases"\). Further, Aricles XI.C and D of ) Tj /F139 11.90 Tf 219.36 0.48 TD (the Plan, respectively, provide for a post-) Tj /F139 12.03 Tf -219.60 -28.08 TD (confirmation injunction and the exculpation and indemnification of certain paries instrumental) Tj /F139 11.93 Tf -.24 -27.36 TD (to these Chapter 11 Cases.) Tj 72.72 -27.12 TD (These provisions of the Plan are appropriate and comport with applicable) Tj /F139 12.47 Tf -72.72 -27.60 TD (provisions of the Banptcy Code and decisions of the Cour of Appeals for the Third Circuit.) Tj /F139 9.84 Tf 228.96 -105.84 TD (15) Tj ET Q endstream endobj 87 0 obj << /XObject 193 0 R /Font 194 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 88 0 obj << /Length 195 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im145 Do Q Q q BT 3 Tr /F146 8.96 Tf 206.40 709.20 TD (i. The Release of Estate' Claims Is a Valid Exercise of the) Tj /F147 11.70 Tf 35.76 -13.68 TD (Debtors' Business Jud2Ient and Should be Approved) Tj /F146 5.00 Tf -106.80 -25.68 TD (Section 1123 \(b\)\(3\)\(A\) of ) Tj /F148 12.69 Tf 125.04 0.24 TD (the Banptcy Code provides that a debtor may settle) Tj /F148 12.02 Tf -198.00 -27.84 TD (and release its claims against third paries, and plan provisions that propose to release a debtor's) Tj 0.00 -27.36 TD (claims should be reviewed as settlements subject to the debtor's business judgment. See e.g., In) Tj /F148 12.14 Tf -.24 -27.36 TD (re WCI Cable, Inc., 282 B.R. 457,469 \(Bank. D. Ore. 2002\) \("I find that the release and) Tj /F148 12.01 Tf 0.00 -27.60 TD (injunction provisions of. . . the WCI plan are submitted for approval by the court pursuant to) Tj /F146 5.00 Tf 0.48 -27.84 TD ( 1123\(b\)\(3\)\(A\) and \(Bankptcy Rule 9019\(a\)J"\). Article X of ) Tj /F148 11.89 Tf 308.40 0.48 TD (the Plan provides that, on the) Tj /F146 5.00 Tf -309.36 -28.08 TD (Effective Date, the provisions of ) Tj /F148 11.98 Tf 159.12 0.24 TD (the Plan constitute a good-faith compromise and settlement of) Tj /F148 12.00 Tf -158.88 -27.60 TD (all Claims or controversies resolved pursuant to the Plan. Accordingly, to the extent the releases,) Tj /F146 5.00 Tf -.24 -27.60 TD (injunction, indemnification and exculpation provisions of ) Tj /F148 11.88 Tf 278.16 0.48 TD (the Plan release or enjoin claims) Tj /F148 11.98 Tf -278.40 -28.08 TD (belonging to Debtors or the Estates, such provisions should be approved as a valid exercise of) Tj /F147 11.36 Tf 0.00 -27.36 TD (Debtors' business judgment. See., ~ In re PWS Holding Corp., 303 F.3d 308,315 \(3d Cir.) Tj /F148 11.94 Tf 0.00 -27.60 TD (2002\) \(affirming confirmation of debtor's plan enjoining fraudulent conveyance actions by) Tj /F146 5.00 Tf -.24 -27.60 TD (creditors that debtor could itself ) Tj /F148 11.92 Tf 156.24 0.48 TD (have pursued under 11 U.S.C. 544\(b\)\); Huddleston v. Nelson) Tj /F147 11.17 Tf -156.24 -27.84 TD (Buner Hunt Trust Estate, 117 B.R. 231, 233-34 \(N.D. Tex. 1990\) \(confirming plan containing) Tj /F147 10.95 Tf -.24 -27.84 TD (release of claims against bans to extent such claims were derivative of debtor's claims\).) Tj /F146 9.75 Tf 162.00 -27.36 TD (ii. The Release and Injunction) Tj /F148 12.61 Tf 35.76 -13.44 TD (Provisions of the Plan With Respect) Tj /F146 9.55 Tf -.24 -13.68 TD (To Third Part Claims Are Reasonable) Tj /F148 12.86 Tf 0.24 -13.92 TD (and Appropriate and Should be Approved) Tj /F148 12.16 Tf -125.04 -25.68 TD (Section 1141 \(d\) of the Banptcy Code provides in relevant part that "\( e \)xcept) Tj /F148 11.94 Tf -72.72 -27.60 TD (as otherwise provided in this subsection, in the plan, or in the order confirming the plan, the) Tj /F146 5.00 Tf -.24 -27.36 TD (confirmation of ) Tj /F148 11.98 Tf 78.00 0.00 TD (the plan \(A\) discharges the debtor from any debt that arose before the date of) Tj /F146 8.24 Tf -77.76 -27.60 TD (such confirmation. . .." 11 U.S.C. 1141\(d\). Pursuant to section 1141\(d\), upon confirmation) Tj /F147 10.81 Tf -.24 -27.36 TD (of a plan, a chapter 11 debtor receives a "discharge" of claims against it. Section 524\( e\) of the) Tj /F148 10.08 Tf 228.48 -39.12 TD (16) Tj ET Q endstream endobj 89 0 obj << /XObject 196 0 R /Font 197 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 90 0 obj << /Length 198 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im152 Do Q Q q BT 3 Tr /F153 12.19 Tf 62.40 708.96 TD (Bankptcy Code, governing the effect of such discharge, provides, however, that the "discharge) Tj /F153 11.92 Tf 0.00 -27.84 TD (of a debt of the debtor does not affect the liability of any other entity on, or the property of any) Tj /F153 11.91 Tf 0.00 -27.60 TD (other entity for, such debt." 11 U.S.C. 524\(e\).) Tj /F153 11.95 Tf 71.52 -27.12 TD (The Court of Appeals for the Third Circuit \("Third Circuit"\) has held that section) Tj /F153 12.23 Tf -71.52 -27.84 TD (524\( e\) of the Bankptcy Code is not "a per se rule baring any provision in a reorganization) Tj /F153 12.05 Tf -.72 -27.36 TD (plan limiting the liability of third paries" and therefore a release provision that "does not affect) Tj /F153 12.19 Tf 0.00 -28.08 TD (the liability of third paries, but rather sets forth an appropriate standard of liabilty. . . is outside) Tj /F153 5.00 Tf 0.24 -27.36 TD (of ) Tj /F154 5.00 Tf 12.48 0.00 TD (the scope of ) Tj /F153 12.11 Tf 61.44 0.24 TD (524\(e\)." In re PWS Holding Corp., 228 F.3d 224, 246 \(3d Cir. 2000\). Rather,) Tj /F153 12.24 Tf -74.16 -27.84 TD (bankptcy courts are authorized to issue permanent injunctions against or authorize releases of) Tj /F153 11.96 Tf 0.24 -27.36 TD (claims by non-debtors against other non-debtors under a chapter 11 plan where such relief) Tj /F153 12.39 Tf -.24 -27.60 TD (represents an important step in the success of the overall plan of reorganization. See,~, In re) Tj /F154 5.00 Tf 0.00 -27.84 TD (United Arists Theatre Co., 315 F.3d 217, 227 \(3d Cir. 2003\) \("The 'hallmarks of ) Tj /F153 11.87 Tf 391.68 1.68 TD (permissible) Tj /F153 11.92 Tf -391.68 -29.28 TD (non-consensual releases' are 'fairness, necessity to the reorganization, and specific factual) Tj /F153 11.93 Tf 0.00 -27.36 TD (findings to support these conclusions.' . . . Added to these requirements is that the releases 'were) Tj /F153 11.87 Tf 0.00 -27.36 TD (given in exchange for fair consideration. ' "\) \(quoting Gilman v. Continental Airlines \(In re) Tj /F155 11.14 Tf 0.24 -27.84 TD (Continental Airlines\), 203 F.3d 203,214 \(3d Cir. 2000\)\).) Tj /F153 12.04 Tf 71.52 -27.12 TD (This Cour has approved third-party releases and injunctions in confirmed) Tj /F153 12.01 Tf -71.76 -28.08 TD (chapter 11 plans under appropriate circumstances. See, e.g., In re Vencor. Inc., 284 B.R. 79) Tj /F154 5.00 Tf 0.00 -29.52 TD (\(Banr. D. DeL. 2002\) \(denying post-confirmation motion for relief ) Tj /F153 11.88 Tf 324.24 3.84 TD (from plan to pursue litigation) Tj /F153 12.03 Tf -324.24 -29.04 TD (against third pary released under plan, where appropriate factual record was established at) Tj /F153 12.07 Tf 0.00 -27.60 TD (confirmation hearing to approve release provisions over objections\); In re Inn Wireless) Tj /F155 11.52 Tf 0.24 -27.36 TD (Commc'ns Holdings, Inc., 1999 Ban. LEXIS 1832 \(Ban. D. DeL. 1999\) \(confirmation order) Tj /F153 12.02 Tf -.24 -27.36 TD (approving plan containing third-party release and injunction\). Moreover, the majority of Circuit) Tj /F153 10.32 Tf 228.00 -62.40 TD (17) Tj ET Q endstream endobj 91 0 obj << /XObject 199 0 R /Font 200 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 92 0 obj << /Length 201 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im159 Do Q Q q BT 3 Tr /F160 12.10 Tf 61.92 708.48 TD (Cours of Appeals that have ruled on the issue, have held that such third-pary releases and) Tj /F160 12.35 Tf -.24 -27.60 TD (injunctions are permissible under appropriate circumstances. See,~, In re Dow Corning Corp.,) Tj /F160 12.03 Tf -.24 -27.36 TD (280 F.3d 648, 656-57 \(6th Cir. 2001\) \(authorizing third-pary injunction on basis that "\(s\)ection) Tj /F160 11.99 Tf 0.96 -27.60 TD (1123 \(b\)\(6\) permits a reorganization plan to 'include. . . any appropriate provision not) Tj /F161 5.00 Tf -1.20 -27.60 TD (inconsistent with the applicable provisions of ) Tj /F160 12.14 Tf 219.60 0.24 TD (this title\); In re Drexel Burnam Lambert GrouP.) Tj /F162 11.21 Tf -219.84 -27.84 TD (Inc., 960 F.2d 285, 293 \(2d Cir. 1992\) \(holding bankptcy court has jurisdiction to approve) Tj /F161 5.00 Tf -.24 -27.36 TD (release of ) Tj /F160 11.87 Tf 49.44 0.00 TD (identified non-debtor third parties in plan\); In re A. H. Robins Co., 880 F.2d 694, 701) Tj /F161 5.00 Tf -49.20 -30.00 TD (\(4th Cir. 1988\) \(approving release and permanent injunction in favor of ) Tj /F162 10.51 Tf 344.40 2.88 TD (insurance company,) Tj /F160 11.84 Tf -344.64 -28.08 TD (executives and law firms.) Tj /F160 11.97 Tf 71.52 -27.12 TD (This Court also has held that plan provisions that release potential claims of) Tj /F160 12.27 Tf -72.00 -27.84 TD (voting paries wil be upheld as to paries voting in favor of the plan. See In re Zenith Elecs.) Tj /F161 5.00 Tf 0.00 -27.60 TD (Corp., 241 B.R. 92, 111 \(Bank. D. DeL. 1999\) \(approving consensual releases of ) Tj /F162 11.67 Tf 390.00 0.48 TD (voting pary's) Tj /F160 12.23 Tf -390.48 -27.84 TD (potential claims\); In re Intl Wireless Commc'ns Holdings, Inc., No. 9802007, 1999 Bank.) Tj /F160 12.03 Tf 0.00 -27.60 TD (LEXIS 1853, at *24-25 \(Bank. D. DeL. Mar. 26,1999\) \("\(A\)s to each creditor or shareholder) Tj /F160 11.94 Tf 0.00 -27.60 TD (who voted for the Plan which contains the Release language, we have no hesitation in concluding) Tj /F160 11.95 Tf -.24 -27.60 TD (that they have consented to the Release and are bound thereby under contract law."\).) Tj /F161 5.00 Tf 71.52 -27.36 TD (No Holder of a Claim or Equity Interest has objected to scope of effect of ) Tj /F160 11.59 Tf 354.72 0.48 TD (the) Tj /F160 12.28 Tf -426.00 -28.08 TD (Third Pary Releases. For that reason alone the Cour may approve the Third Pary Releases as) Tj /F160 12.10 Tf -.48 -27.60 TD (to paries described in the Plan as giving and receiving such Releases. Moreover, the Releases,) Tj /F160 11.94 Tf 0.24 -27.60 TD (as a practical matter, allow the Reorganized Debtors, their vendors and customers to focus on the) Tj /F161 5.00 Tf 0.00 -27.60 TD (future and the recovery of ) Tj /F160 12.06 Tf 126.72 0.24 TD (the automotive industry -- paricularly where so many of such vendors) Tj /F160 11.93 Tf -126.72 -27.60 TD (and customers have undergone, are undergoing, or are likely to undergo financial restructurings) Tj /F162 10.87 Tf -.24 -27.36 TD (not unlike these Chapter 11 Cases. The Releases provide a basis for moving on, without any) Tj /F160 9.60 Tf 228.48 -62.88 TD (18) Tj ET Q endstream endobj 93 0 obj << /XObject 202 0 R /Font 203 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 94 0 obj << /Length 204 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im166 Do Q Q q BT 3 Tr /F167 12.01 Tf 62.16 708.48 TD (hangover of uncertainty from prior business dealings. As demonstrated, the Court is authorized,) Tj /F167 11.91 Tf 0.00 -27.60 TD (and in these Chapter 11 Cases should approve the Releases.) Tj /F168 10.34 Tf 162.00 -27.36 TD (ii. The Common Sense Exculpation and) Tj /F169 11.93 Tf 35.52 -13.68 TD (Indemnifcation Provisions of Article X of the Plan) Tj /F167 12.75 Tf 0.24 -13.68 TD (are Consistent with the Debtors' Obligations under) Tj 0.00 -13.92 TD (State Law and its Commitments to the Principal) Tj /F169 11.47 Tf -.24 -13.44 TD (Parties to the Plan and Should Be Approved) Tj /F167 12.01 Tf -125.28 -25.68 TD (The exculpation and indemnification provisions of Aricle X of the Plan provide) Tj /F167 12.02 Tf -72.72 -27.84 TD (reasonable commitments to those paries that were instrumental to Debtors' restructuring efforts) Tj /F167 12.05 Tf 0.00 -27.84 TD (and the formulation of the Plan. The beneficiaries of the proposed exculpation and) Tj /F167 11.95 Tf 0.00 -27.60 TD (indemnification have contributed substantial value to Debtors through, among other things, their) Tj /F167 12.15 Tf -.24 -27.36 TD (paricipation in the formulation of the Plan. The efforts of those persons and entities in) Tj /F167 11.96 Tf 0.00 -27.60 TD (negotiating and ultimately formulating the Plan, as well as the agreements to compromise their) Tj /F167 12.03 Tf 0.00 -27.60 TD (claims, now enable the Debtors to implement the settlements embodied in the Plan. This Court) Tj /F169 10.76 Tf -.24 -27.36 TD (has approved comparable provisions in other cases. See, e.g., In re Zenith Elecs. Corp., 241 B.R.) Tj /F168 8.25 Tf 0.48 -27.60 TD (92, 111 \(Banr. D. DeL. 1999\) \(finding releasees were instruental in formulating plan and had) Tj /F167 11.95 Tf -.48 -27.36 TD (made substantial contribution to reorganization by designing and negotiating restructuring and) Tj /F169 10.86 Tf 0.24 -27.60 TD (agreeing to compromise of claims\).) Tj /F167 11.94 Tf 72.48 -27.12 TD (The exculpation and indemnification provisions of the Plan are also consistent) Tj /F167 11.95 Tf -72.72 -28.08 TD (with the Debtors' obligations to its employees, officers and directors under Delaware state) Tj /F167 12.04 Tf 0.24 -27.36 TD (corporate law. Moreover, where, as here the protections are being extended to the key) Tj /F167 12.13 Tf -.24 -27.60 TD (paricipants in the Plan process, the protections are limited in that they wil not apply to acts or) Tj /F167 12.15 Tf 0.00 -27.36 TD (omissions constituting gross negligence or wilful misconduct. Such provisions are now) Tj /F169 11.07 Tf 0.00 -27.36 TD (commonplace in chapter 11 plans and Delaware courts are authorized to approve them. See,~,) Tj /F167 11.97 Tf 0.00 -27.36 TD (PWS Holding Corp., 228 F.3d at 246-47 \(approving plan provisions that did not "eliminate) Tj /F167 10.08 Tf 228.96 -64.56 TD (19) Tj ET Q endstream endobj 95 0 obj << /XObject 205 0 R /Font 206 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 96 0 obj << /Length 207 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im173 Do Q Q q BT 3 Tr /F174 11.87 Tf 62.88 709.20 TD (liability but rather limit\( ed\) it to willful misconduct or gross negligence," noting such provision) Tj /F174 11.97 Tf -.24 -27.60 TD (was "commonplace provision in Chapter 11 plans"\).) Tj /F174 11.90 Tf 72.24 -27.36 TD (As demonstrated, the deemed substantive consolidation, and the release,) Tj /F174 11.93 Tf -72.24 -27.60 TD (injunction, indemnification and exculpation provisions contained of the Plan, are consistent with) Tj /F175 5.00 Tf -.24 -27.84 TD (applicable provisions of ) Tj 118.32 0.48 TD (the Banruptcy Code, as required by section 1123\(b\)\(6\) of ) Tj /F174 11.59 Tf 282.00 0.96 TD (the) Tj /F174 12.48 Tf -400.32 -28.56 TD (Bankptcy Code, and should be approved as par of the Plan.) Tj /F175 9.37 Tf 72.96 -27.84 TD (15. Section 1123\(c\): Inapplicable) Tj /F176 11.73 Tf -72.72 -25.68 TD (Section 1123 \(c\) of the Banptcy Code applies only to banptcy cases involving individuals) Tj /F174 11.90 Tf -.48 -27.60 TD (and is inapplicable to these Chapter 11 Cases.) Tj /F175 5.00 Tf 72.96 -27.36 TD (16. Section 1123\(d\): Cure of ) Tj /F174 12.66 Tf 162.24 0.48 TD (Monetarv Defaults) Tj /F176 11.49 Tf -162.48 -25.92 TD (Section 1123 \(d\) of the Banptcy Code provides that all cures of monetar) Tj /F174 11.94 Tf -72.96 -27.84 TD (defaults proposed under a plan shall be determined in accordance with the underlying agreement) Tj /F176 11.23 Tf 0.00 -27.60 TD (and applicable nonbanuptcy law. The Plan provides for the satisfaction of default Claims) Tj /F174 11.94 Tf 0.00 -27.60 TD (associated with each executory contract and unexpired lease to be assumed pursuant to the Plan) Tj /F175 5.00 Tf 0.00 -27.36 TD (in accordance with section 365\(b\)\(1\) of ) Tj /F176 11.11 Tf 192.00 0.48 TD (the Bankuptcy Code. The Plan provides that all cure) Tj /F174 12.03 Tf -192.00 -28.08 TD (amounts wil be determined in accordance with the underlying agreements and applicable) Tj /F174 12.52 Tf -.24 -27.60 TD (nonbanptcy law. Thus, the Plan satisfies the requirements of section 1123 \(d\) of the) Tj /F175 11.08 Tf 0.24 -27.60 TD (Banptcy Code.) Tj /F174 11.97 Tf 72.24 -27.12 TD (Based upon the foregoing, the Plan complies fully with the requirements of) Tj /F175 5.00 Tf -72.24 -27.84 TD (sections 1122 and 1123 of ) Tj 128.88 0.48 TD (the Banptcy Code, as well as with all other provisions of ) Tj /F174 11.59 Tf 289.20 1.20 TD (the) Tj /F175 5.00 Tf -418.08 -29.04 TD (Banptcy Code, and thus satisfies the requirement of section 1129\(a\)\(l\) of ) Tj /F174 13.76 Tf 367.20 1.44 TD (the Bankptcy) Tj /F174 11.39 Tf -367.20 -29.04 TD (Code.) Tj /F174 11.28 Tf 227.28 -93.36 TD (20) Tj ET Q endstream endobj 97 0 obj << /XObject 208 0 R /Font 209 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 98 0 obj << /Length 210 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im180 Do Q Q q BT 3 Tr /F181 9.82 Tf 62.64 709.44 TD (B. Section 1129\(a\)\(2\): The Debtors Have Complied) Tj /F182 12.66 Tf 35.52 -13.68 TD (With Applicable Provisions of Bankruptcy Code) Tj /F181 5.00 Tf 36.48 -25.44 TD (Section 1129\(a\)\(2\) of ) Tj /F182 12.52 Tf 105.36 0.24 TD (the Bankptcy Code provides that a cour may confirm a) Tj /F181 5.00 Tf -177.84 -27.84 TD (plan only if ) Tj 58.32 -2.16 TD ("\(t\)he proponent of ) Tj 95.28 2.40 TD (the plan complies with the applicable provisions of ) Tj /F182 11.98 Tf 246.24 0.72 TD (this title.") Tj -398.64 -28.32 TD (11 U.S.C. 1129\(a\)\(2\). The legislative history of section 1129\(a\)\(2\) indicates that this provision) Tj /F182 11.93 Tf -1.20 -27.60 TD (is intended to encompass the disclosure and solicitation requirements under sections 1125 and) Tj /F181 5.00 Tf 0.96 -27.60 TD (1126 of ) Tj /F182 12.32 Tf 38.40 0.00 TD (the Bankptcy Code. See H.R. Rep. No, 95-595, at 412 \(1977\); S. Rep. No. 95-989, at) Tj /F181 5.00 Tf -38.40 -27.36 TD (126 \(1978\) \("Paragraph \(2\) \(of ) Tj 149.76 0.24 TD (section 1129 \(a\)\) requires that the proponent of ) Tj /F182 11.88 Tf 227.28 0.48 TD (the plan comply) Tj /F182 11.86 Tf -378.48 -28.32 TD (with the applicable provisions of chapter 11, such as section 1125 regarding disclosure. "\); see) Tj /F182 12.30 Tf 0.00 -27.60 TD (also 7 Coller on Bankptcy ilI129.03\(2\) \(15th rev. ed. 2008\) \(collecting cases\) \(stating that,) Tj /F182 11.94 Tf -.24 -27.36 TD (with respect to compliance with section 1129 \(a\)\(2\), courts "have focused on compliance by the) Tj /F182 11.93 Tf -.24 -27.60 TD (plan proponent with the disclosure and solicitation requirements of sections 1125 and 1126"\).) Tj /F181 5.00 Tf 0.24 -27.36 TD (As set forth below, Debtors has complied with the applicable provisions of ) Tj /F182 13.07 Tf 360.48 0.48 TD (the Bankptcy Code,) Tj /F181 5.00 Tf -360.48 -28.08 TD (including the provisions of sections 1125 and 1126 of ) Tj /F182 12.95 Tf 259.44 0.48 TD (the Banptcy Code regarding disclosure) Tj /F182 11.83 Tf -259.68 -28.08 TD (and plan solicitation.) Tj /F181 9.72 Tf 35.76 -27.84 TD (a. Compliance with Section 1125 of the Bankruptcy Code) Tj /F182 12.01 Tf 36.00 -25.20 TD (On August 17,2009, after notice and a hearing, this Court entered the Disclosure) Tj /F182 11.96 Tf -71.52 -27.60 TD (Statement Order approving the Disclosure Statement as containing "adequate information" of a) Tj /F182 11.97 Tf -.48 -27.60 TD (kind and in sufficient detail to enable hypothetical, reasonable investors typical of the holders of) Tj /F182 11.91 Tf 0.24 -27.60 TD (Claims and Equity Interests to make an informed judgment whether to accept or reject the Plan.) Tj /F181 5.00 Tf 0.00 -27.60 TD (On August 18,2009, the Debtors commenced their solicitation of ) Tj /F182 11.86 Tf 318.96 1.20 TD (votes to accept or reject the) Tj /F182 12.18 Tf -319.20 -28.56 TD (Plan as attested to in its Affdavit of Service fied with the Cour on August 21, 2009 \(docket no.) Tj /F181 5.00 Tf 0.00 -27.36 TD (243\). On August 31,2009, the Debtors filed their Declaration of ) Tj /F182 12.09 Tf 313.92 1.20 TD (Terri Marshall ofBMC Group,) Tj /F182 11.94 Tf -313.92 -28.56 TD (Inc. Regarding Publication of Confirmation Hearing Notice and Claims Bar Date Notice \(docket) Tj /F182 10.08 Tf 226.80 -52.80 TD (21) Tj ET Q endstream endobj 99 0 obj << /XObject 211 0 R /Font 212 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 100 0 obj << /Length 213 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im186 Do Q Q q BT 3 Tr /F187 5.00 Tf 62.88 709.20 TD (no. 254\), attesting to the fact that they published notice of ) Tj /F188 11.90 Tf 278.40 -.24 TD (the Confirmation Hearing in the) Tj /F188 12.08 Tf -278.40 -27.36 TD (following national and local newspapers: Wall St. Joural, Detroit News and Free Press,) Tj /F188 11.98 Tf 0.24 -27.60 TD (Sheboygan Press, Milwaukee Journal Sentinel and Glasgow Daily Times. Sheboygan,) Tj /F187 5.00 Tf -.48 -27.60 TD (Wisconsin and Glasgow, Kentucky are the locations of ) Tj /F188 11.92 Tf 264.96 0.00 TD (the Debtors' corporate headquarters and) Tj /F188 11.81 Tf -265.20 -27.60 TD (manufacturing plants.) Tj /F188 12.01 Tf 71.76 -27.60 TD (Such declarations and affdavits establish that, in compliance with the Disclosure) Tj /F188 11.91 Tf -71.52 -27.36 TD (Statement Order: \(a\) the Solicitation Packages, including the Disclosure Statement, Plan, Plan) Tj /F188 12.00 Tf -.24 -27.60 TD (Supplement, Ballots and the additional solicitation materials approved by the Cour, were) Tj /F188 11.93 Tf -.72 -27.60 TD (transmitted to each Creditor that was entitled to vote to accept or reject the Plan; and \(b\) certain) Tj /F188 11.92 Tf -.24 -27.60 TD (non-voting materials approved by the Court in the Disclosure Statement Order were provided to) Tj /F188 11.91 Tf 0.00 -27.36 TD (holders of Claims and Equity Interests that were not entitled to vote to accept or reject the Plan.) Tj /F188 11.92 Tf 0.00 -27.36 TD (The Debtors did not solicit acceptances of the Plan by any Holder of Claims or Equity Interests) Tj /F187 5.00 Tf -.24 -27.60 TD (prior to Cour's approval of ) Tj /F187 8.10 Tf 134.88 0.00 TD (the Disclosure Statement.) Tj /F189 10.99 Tf -63.36 -27.36 TD (The deadline for voting to accept or reject the Plan was August 31,2009. The) Tj /F187 5.00 Tf -71.76 -28.08 TD (results of ) Tj 47.04 0.24 TD (the vote in respect of ) Tj /F188 11.91 Tf 103.20 0.00 TD (the Plan are discussed in more detail below.) Tj /F187 9.71 Tf -114.24 -27.84 TD (b. Compliance with Section 1126 of the Bankruptcy Code) Tj /F187 5.00 Tf 36.00 -25.44 TD (Section 1126 of ) Tj /F188 12.61 Tf 78.24 0.24 TD (the Banptcy Code specifies the requirements for acceptance of) Tj /F187 5.00 Tf -150.24 -27.84 TD (a chapter 11 plan. Under section 1126 of ) Tj 200.40 0.48 TD (the Bankptcy Code, only holders of ) Tj /F187 8.43 Tf 183.12 0.24 TD (allowed claims) Tj /F188 12.02 Tf -383.52 -28.32 TD (and allowed equity interests in impaired classes of claims or equity interests that wil receive or) Tj /F188 12.09 Tf -.24 -27.60 TD (retain propert under the plan on account of such claims or interests may vote to accept or reject) Tj /F187 5.00 Tf -.24 -27.36 TD (the plan. Section 1126 of ) Tj /F189 11.82 Tf 125.52 0.24 TD (the Banptcy Code provides, in pertinent par:) Tj /F187 8.14 Tf -53.76 -29.76 TD (\(a\) The holder of a claim or interest allowed under section 502 of \(the) Tj /F188 12.80 Tf 30.00 -11.28 TD (Banptcy Code\) may accept or reject a plan.) Tj /F187 5.00 Tf -30.00 -28.08 TD (\(f\) Notwithstanding any other provision of ) Tj /F188 11.94 Tf 221.04 2.88 TD (this section, a Class that is not) Tj /F188 11.91 Tf -191.04 -14.16 TD (impaired under a plan, and each holder of a claim or interest of such Class,) Tj /F188 11.04 Tf 125.28 -39.60 TD (22) Tj ET Q endstream endobj 101 0 obj << /XObject 214 0 R /Font 215 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 102 0 obj << /Length 216 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im193 Do Q Q q BT 3 Tr /F194 11.96 Tf 164.88 708.48 TD (are conclusively presumed to have accepted the plan, and solicitation of) Tj /F194 11.91 Tf 0.00 -13.68 TD (acceptances with respect to such Class from the holders of claims or) Tj /F195 10.63 Tf 0.00 -13.44 TD (interests of such Class is not required.) Tj /F196 5.00 Tf -29.76 -28.32 TD (\(g\) Notwithstanding any other provision of ) Tj /F194 11.92 Tf 220.56 2.88 TD (this section, a Class is deemed not) Tj /F194 11.96 Tf -191.28 -14.40 TD (to have accepted a plan if such plan provides that the claims or interests of) Tj /F194 11.91 Tf 0.48 -13.68 TD (such Class do not entitle the holders of such claims or interests to receive or) Tj -.48 -13.68 TD (retain any property under the plan on account of such claims or interests.) Tj /F194 11.83 Tf -101.04 -26.16 TD (11 U.S.C. 1126\(a\), \(f\) and \(g\).) Tj /F194 12.44 Tf 71.52 -27.12 TD (In accordance with section 1126 of the Banptcy Code, the Debtors solicited) Tj /F194 11.94 Tf -72.72 -27.84 TD (acceptances of the Plan from the Holders in each Class of Impaired Claims that are to receive) Tj /F194 12.01 Tf 0.00 -27.84 TD (distributions under the Plan. The Impaired Classes entitled to vote under the Plan are Class 3) Tj 0.24 -29.76 TD (\(First Lien Claims\); Class 4 \(Second Lien Claims\) and Class 5 \(General Unsecured Claims\). The) Tj /F194 11.95 Tf -.24 -25.20 TD (Plan reflects that Class 1 \(Other Priority Claims\) and Class 2 \(Other Secured Claims\) are) Tj /F194 11.94 Tf 0.00 -27.60 TD (unimpaired, and thus, are deemed to have accepted the Plan, and that Class 6 \(Preferred Equity) Tj 0.00 -27.36 TD (Interests\) and Class 7 \(Common Equity Interests\) receive nothing under the Plan and are deemed) Tj /F195 10.58 Tf -.24 -27.84 TD (to have rejected the Plan.) Tj /F196 5.00 Tf 72.48 -27.12 TD (As to impaired classes entitled to vote to accept or reject a plan of ) Tj /F194 11.75 Tf 317.76 1.68 TD (reorganization,) Tj /F196 5.00 Tf -390.00 -29.52 TD (section 1126\(c\) of ) Tj 90.24 0.48 TD (the Bankptcy Code specifies the requirements for acceptance of ) Tj /F194 11.78 Tf 317.76 1.44 TD (the plan by) Tj /F194 11.87 Tf -408.00 -29.28 TD (classes of claims:) Tj /F196 8.21 Tf 72.48 -29.52 TD (\(c\) A class of claims has accepted a plan if such plan has been accepted by) Tj /F194 11.93 Tf 29.76 -11.52 TD (creditors, other than any entity designated under subsection \(e\) of this) Tj /F194 11.92 Tf 0.24 -13.68 TD (section, that hold at least two-thirds in amount and more than one-half in) Tj -.48 -13.68 TD (number of the allowed claims of such class held by creditors, other than any) Tj 0.24 -13.92 TD (entity designated under subsection \(e\) of this section, that have accepted or) Tj /F194 11.79 Tf -.24 -13.68 TD (rejected such plan.) Tj /F196 8.23 Tf -101.04 -26.16 TD (11 U.S.C. 1126\(c\).) Tj /F196 5.00 Tf 71.52 -33.12 TD (On September 1,2009, the Debtors fied the Declaration of ) Tj /F194 12.12 Tf 285.60 1.44 TD (Terri Marshall Of) Tj /F194 12.00 Tf -358.32 -29.04 TD (BMC Group, Inc. in Connection with Voting on the Debtors' First Amended Joint Plan of) Tj /F194 10.56 Tf 228.00 -61.92 TD (23) Tj ET Q endstream endobj 103 0 obj << /XObject 217 0 R /Font 218 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 104 0 obj << /Length 219 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im200 Do Q Q q BT 3 Tr /F201 5.00 Tf 61.92 708.48 TD (Reorganization Under Chapter 11 of ) Tj /F202 11.72 Tf 177.84 0.24 TD (the Banptcy Code \(the "Vote Certification"\), attesting to) Tj /F203 11.95 Tf -178.08 -27.84 TD (the tabulation of all Ballots received by the Voting Agent on or before the Voting Deadline) Tj /F203 11.93 Tf 0.24 -30.00 TD (\(August 31, 2009\) from Holders of Claims and attesting to the results of the tabulation as) Tj /F203 11.57 Tf 0.00 -25.20 TD (follows:) Tj /F201 5.00 Tf 72.00 -28.56 TD (a. Class 3 \(First Lien Claims\). Class 3 voted unanimously in favor of ) Tj /F203 11.59 Tf 359.04 1.20 TD (the) Tj /F201 5.00 Tf -395.28 -16.08 TD (Plan. Thirty Holders of ) Tj /F203 11.89 Tf 117.60 0.24 TD (Class 3 Claims, holding $210,549,428.63 in Allowed Claims,) Tj /F201 5.00 Tf -117.84 -15.12 TD (voted in favor of ) Tj 83.28 0.00 TD (the Plan. No Holder of ) Tj /F203 11.87 Tf 114.48 0.48 TD (Class 3 Claims voted against the Plan.) Tj /F201 8.82 Tf -161.76 -21.36 TD (b. Classes 4 \(Second Lien Claims\). Class 4 voted unanimously in favor of) Tj /F202 11.13 Tf -36.24 -15.36 TD (the Plan. Ten Holders of Class 4 Claims, holding $64,295,170.50 in Allowed Claims,) Tj /F201 5.00 Tf 0.24 -14.88 TD (voted in favor of ) Tj 83.04 0.24 TD (the Plan. No Holder of ) Tj /F203 11.87 Tf 114.48 0.24 TD (Class 4 Claims voted against the Plan.) Tj /F201 8.85 Tf -161.52 -21.36 TD (c. Class 5 \(General Unsecured Claims\). Class 5 voted as follows: twenty) Tj /F201 5.00 Tf -36.00 -14.88 TD (four \(24\) Holders of ) Tj /F203 11.91 Tf 100.08 0.24 TD (Class 5 Claims, holding $220,123.51 in Allowed Claims, voted to) Tj /F201 5.00 Tf -100.08 -15.36 TD (accept the Plan, and three \(3\) Holders of ) Tj /F203 11.92 Tf 196.08 0.72 TD (Class 5 Claims holding $4,138.09 in Allowed) Tj /F202 11.33 Tf -196.08 -15.60 TD (Claims voted to reject the Plan. Accordingly, eighty nine percent \(89%\) ofthe voting) Tj /F203 11.94 Tf 0.00 -14.88 TD (Class 5 Creditors voted to accept the Plan, and those creditors held ninety eight percent) Tj /F201 5.00 Tf -.24 -17.28 TD (\(98%\) of ) Tj 45.60 2.40 TD (the total dollar amount of ) Tj /F203 12.07 Tf 124.80 0.24 TD (such Claims. Therefore Class 5 voted to accept the) Tj /F203 11.48 Tf -170.40 -15.36 TD (Plan.) Tj /F201 5.00 Tf 35.76 -25.44 TD (The Vote Certification filed with the Court establishes that all Creditor ) Tj /F203 11.76 Tf 341.52 0.72 TD (Classes) Tj /F203 12.02 Tf -413.52 -28.56 TD (entitled to vote on the Plan voted overwhelmingly to accept the Plan. However, because Class 6) Tj /F203 11.95 Tf 0.00 -27.36 TD (Preferred Equity Interests and Class 7 Common Equity Interests are receiving nothing under the) Tj /F203 11.94 Tf 0.00 -27.60 TD (Plan, they are deemed to have rejected the Plan, and the Debtors must confirm the Plan under the) Tj /F202 11.48 Tf 0.00 -27.84 TD (cramdown provisions of section 1129 \(b\) of the Banptcy Code.) Tj /F203 11.93 Tf 72.00 -27.12 TD (The Debtors, who are the proponents of the Plan, have complied with the) Tj /F203 12.56 Tf -72.00 -27.84 TD (applicable provisions of the Bankptcy Code, Bankptcy Rules and the Disclosure) Tj /F203 11.94 Tf 0.24 -27.60 TD (Statement Order in transmitting the Solicitation Packages and in tabulating the votes with respect) Tj /F203 11.96 Tf -.72 -27.36 TD (to the Plan, thereby complying with sections 1125 and 1126 with respect to the Disclosure) Tj /F203 12.14 Tf 0.72 -27.60 TD (Statement and voting on the Plan. The Debtors have complied with all applicable provisions of) Tj /F203 12.57 Tf -.72 -27.36 TD (the Banptcy Code, except as otherwise provided or permitted by orders of the Cour. Thus,) Tj /F201 5.00 Tf 0.00 -27.36 TD (the Plan satisfies the requirements of ) Tj 180.00 0.72 TD (section 1129 \(a\)\(2\) of ) Tj /F203 13.98 Tf 106.56 0.24 TD (the Banptcy Code.) Tj /F203 11.28 Tf -59.04 -37.92 TD (24) Tj ET Q endstream endobj 105 0 obj << /XObject 220 0 R /Font 221 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 106 0 obj << /Length 222 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im207 Do Q Q q BT 3 Tr /F208 9.44 Tf 61.68 706.32 TD (C. Section 1129\(a\)\(3\): The Plan has been Proposed) Tj /F209 12.77 Tf 35.52 -13.44 TD (in Good Faith and not by any Means Forbidden by Law) Tj /F209 12.34 Tf 36.24 -25.44 TD (Section 1129\(a\)\(3\) ofthe Bankptcy Code requires that a plan be "proposed in) Tj /F209 12.08 Tf -72.00 -27.84 TD (good faith and not by any means forbidden by law." 11 U.S.C. 1129\(a\)\(3\). As the U.S.) Tj /F209 12.06 Tf 0.48 -27.36 TD (Supreme Court said in NLRB v. Bildisco & Bildisco, 465 U.S. 513, 528 \(1984\), the primar goal) Tj /F209 11.92 Tf -.48 -27.84 TD (of Chapter 11 is to promote the restructuring of a debtor's obligations so as to preserve the) Tj /F210 10.81 Tf -.24 -27.60 TD (business and avoid liquidation and the attendant loss of jobs \(emphasis added\). A plan) Tj /F208 5.00 Tf 0.00 -27.36 TD (proponent's good faith is established if ) Tj /F209 11.95 Tf 189.36 0.96 TD (the plan is "proposed with honesty, good intentions and a) Tj /F209 11.94 Tf -189.36 -28.56 TD (basis for expecting that a reorganization can be effected with results consistent with the) Tj /F208 5.00 Tf 0.24 -27.60 TD (objectives and purposes of ) Tj /F209 12.43 Tf 130.08 0.96 TD (the Bankptcy Code." In re Zenith Elecs. Corp., 241 B.R. 92, 107) Tj /F208 8.46 Tf -129.84 -30.72 TD (\(Bank. D. DeL. 1999\).) Tj /F209 11.93 Tf 71.52 -24.48 TD (The Debtors, as proponents of the Plan, and their respective officers, directors and) Tj /F209 11.95 Tf -72.00 -28.08 TD (professional advisors acted in good faith in the negotiation and formulation of a chapter 11 plan) Tj /F209 11.94 Tf 0.00 -27.60 TD (that preserves the business and the attendant jobs, substantially delevers the capital structure so) Tj /F209 11.93 Tf 0.24 -27.60 TD (that the Debtors may compete for more and new business and obtain additional financing, and) Tj /F209 12.02 Tf 0.24 -27.36 TD (frees up income for capital investment. The Plan is based upon extensive, arms' length) Tj /F209 11.93 Tf 0.00 -27.60 TD (negotiations between and among the Debtors and all of the Holders of large secured and) Tj /F209 11.94 Tf 0.00 -27.60 TD (unsecured Claims against the Debtors, as well as the Debtors' Principal Customers, and) Tj 0.00 -27.36 TD (represents the culmination of months of intensive prepetition and post-petition negotiations and) Tj /F208 5.00 Tf 0.48 -27.60 TD (discussions amongst all paries. The Plan is supported by substantially all of ) Tj /F210 10.68 Tf 369.60 2.64 TD (the Debtors') Tj /F209 12.02 Tf -369.84 -30.00 TD (principal Creditors. The release, exculpation, settlement and compromise, indemnification and) Tj /F208 5.00 Tf 0.00 -27.60 TD (preservation of ) Tj /F209 11.94 Tf 75.12 0.72 TD (Debtors' Causes of Action provisions contained in the Plan are consistent with) Tj /F209 12.19 Tf -75.12 -28.08 TD (the Debtors' purose of effectuating a successful chapter 11 reorganization. Thus, the Plan) Tj /F208 5.00 Tf 0.48 -27.36 TD (satisfies the requirements of section 1129 \(a\)\(3\) of ) Tj /F209 14.01 Tf 243.84 1.68 TD (the Banptcy Code.) Tj /F209 11.04 Tf -17.04 -51.84 TD (25) Tj ET Q endstream endobj 107 0 obj << /XObject 223 0 R /Font 224 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 108 0 obj << /Length 225 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im214 Do Q Q q BT 3 Tr /F215 9.41 Tf 62.64 707.52 TD (D. Section 1129\(a\)\(4\): Plan Provides that Payments Made by Debtors) Tj /F216 12.68 Tf 36.72 -13.68 TD (for Services or Costs and Expenses Are Subject to Court Approval) Tj /F215 5.00 Tf 36.00 -25.68 TD (Section 1129\(a\)\(4\) of ) Tj /F217 11.67 Tf 105.12 0.24 TD (the Banptcy Code provides that the Cour shall confirm) Tj /F215 5.00 Tf -178.08 -27.84 TD (a plan only if ) Tj /F216 12.03 Tf 67.20 -2.16 TD ("\(a\)ny payment made or to be made by the proponent, by the debtor. . . for) Tj /F216 11.93 Tf -67.20 -25.44 TD (services or for costs and expenses in or in connection with the case, or in connection with the) Tj /F216 11.94 Tf -.48 -27.36 TD (plan and incident to the case, has been approved by, or is subject to the approval of, the court as) Tj /F217 10.99 Tf 0.00 -27.60 TD (reasonable." 11 U.S.C. 1129\(a\)\(4\). Therefore, the Debtors must disclose to the Court all) Tj /F217 10.43 Tf 0.00 -27.60 TD (professional fees and expenses, and such fees and expenses must be subject to Court approvaL.) Tj /F216 11.92 Tf 72.72 -27.36 TD (It is sufficient for the purposes of section 1129 \(a\)\(4\) that a plan expressly limit) Tj /F215 5.00 Tf -72.72 -27.84 TD (any payment of ) Tj /F216 12.02 Tf 77.76 0.24 TD (professional fees to those fees and expenses allowed by the Court. See, e.g., In) Tj /F215 5.00 Tf -78.00 -27.60 TD (re Elsinore Shore Assocs., 91 B.R. 238, 268 \(Bankr. D.N.J. 1988\) \(requirements of ) Tj /F216 11.61 Tf 400.80 1.20 TD (section) Tj /F216 12.13 Tf -399.60 -28.80 TD (1129\(a\)\( 4\) of Bankptcy Code satisfied where plan provided for payment of only "allowed") Tj /F217 11.07 Tf -1.20 -27.60 TD (administrative expenses\); In re Futue Energy Corp., 83 B.R. 470, 488 \(Bank. S.D. Ohio 1988\)) Tj /F216 11.94 Tf 0.24 -29.76 TD (\("Court approval of payments for services and expenses is governed by various Code provisions) Tj /F216 11.95 Tf -.24 -25.44 TD (-- e.g., 328, 329, 330, 331, and 503\(b\) - and need not be explicitly provided for in a Chapter) Tj /F216 11.74 Tf 0.96 -27.36 TD (11 plan."\).) Tj /F216 11.91 Tf 71.52 -27.12 TD (The Plan provides that Professional Fee Claims submitted by estate professionals) Tj /F216 12.21 Tf -72.72 -27.84 TD (wil be entitled to payment only if and to the extent they are approved by the Cour. The Plan) Tj /F216 12.03 Tf 0.24 -27.60 TD (also provides that all other Administrative Claims wil be entitled to payment only to the extent) Tj /F215 5.00 Tf -.48 -27.60 TD (they are Allowed Claims. Thus, the Plan satisfies the requirements of section 1129 \(a\)\(4\) of ) Tj /F216 11.59 Tf 444.48 1.92 TD (the) Tj /F215 11.11 Tf -444.24 -29.28 TD (Banptcy Code.) Tj /F216 11.28 Tf 228.00 -132.96 TD (26) Tj ET Q endstream endobj 109 0 obj << /XObject 226 0 R /Font 227 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 110 0 obj << /Length 228 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im221 Do Q Q q BT 3 Tr /F222 9.19 Tf 62.88 707.28 TD (E. Section 1129\(a\)\(5\): The Debtors Have Disclosed all Necessary) Tj /F223 12.77 Tf 35.76 -13.68 TD (Information Re2ardin2 the Reor2anized Debtors' Officers and Directors) Tj /F222 5.00 Tf 36.72 -25.68 TD (Section 1129\(a\)\(5\) of ) Tj /F223 12.68 Tf 104.88 0.24 TD (the Banptcy Code requires that: \(a\) a plan proponent) Tj /F222 5.00 Tf -177.84 -28.08 TD (disclose the identity and affiliations of each proposed officer, director or voting trustee of ) Tj /F223 11.59 Tf 430.08 1.44 TD (the) Tj /F223 11.94 Tf -430.32 -28.80 TD (reorganized debtor; \(b\) the appointment or continuance of such officer, director or voting trustee) Tj /F223 11.93 Tf 0.00 -27.60 TD (be consistent with the interests of creditors and equity security holders and with public policy;) Tj /F223 11.94 Tf 0.00 -27.60 TD (and \(c\) that the identity and compensation of any insiders to be retained or employed by the) Tj /F222 8.12 Tf -.24 -27.36 TD (reorganized debtor be disclosed \(11 U.S.C. 1129\(a\)\(5\)\(B\)\).) Tj /F223 12.27 Tf 72.72 -27.60 TD (On August 31,2009, the Debtors fied their Notice of Offcer and Directors of) Tj /F222 5.00 Tf -72.72 -27.60 TD (Reorganized Debtors \(docket no. 255\), disclosing the identity and affliations of ) Tj /F223 11.89 Tf 385.20 1.20 TD (the individuals) Tj /F223 11.96 Tf -385.44 -28.80 TD (proposed to serve after confirmation of the Plan as a director or officer of the Reorganized) Tj /F223 12.05 Tf 0.24 -27.36 TD (Debtors. The notice shows that the new shareholders of the Debtors have appointed a number of) Tj /F223 12.04 Tf 0.00 -27.60 TD (directors affliated with their organizations and experienced in the automotive industry, and that) Tj /F223 11.94 Tf 0.00 -27.60 TD (a number of independent directors with experience in the automotive and related industries were) Tj /F224 10.61 Tf -.24 -27.60 TD (also appointed.) Tj /F222 5.00 Tf 72.24 -27.12 TD (The notice also shows that the Debtors' curent President and Chief ) Tj /F223 11.83 Tf 326.16 1.44 TD (Executive) Tj /F222 5.00 Tf -398.16 -29.28 TD (Officer, Thomas Musgrave, and the Debtors' current Chief ) Tj /F223 11.91 Tf 285.12 1.20 TD (Financial Officer J. Timothy) Tj /F223 12.11 Tf -285.12 -28.80 TD (Gargaro, wil remain in their positions. Prior to his employment with the Debtors, Musgrave) Tj /F223 12.03 Tf 0.00 -27.36 TD (served for four years as President and Chief Operating Offcer of Ryobi Die Casting, Inc., and) Tj /F223 11.94 Tf -.24 -27.60 TD (after that he served for four years as President of automotive business Freudenberg-NOK.) Tj 0.00 -27.36 TD (Musgrave began his career at AlliedSignal Corp. and its successor company, Honeywell, where) Tj /F222 5.00 Tf -.24 -27.36 TD (he spent 17 years. He became President and CEO of ) Tj /F223 11.87 Tf 256.32 0.96 TD (the Debtors in November 2008.) Tj /F223 11.93 Tf -183.84 -28.08 TD (The Debtors' CFO, J. Timothy \(Tim\) Gargaro has over 30 years experience in the) Tj /F223 12.02 Tf -72.24 -27.84 TD (automotive industry. He served as CFO and Treasurer at Ring Screw Works for 4 years.) Tj /F223 11.52 Tf 227.28 -50.64 TD (27) Tj ET Q endstream endobj 111 0 obj << /XObject 229 0 R /Font 230 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 112 0 obj << /Length 231 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im228 Do Q Q q BT 3 Tr /F229 11.92 Tf 62.40 707.52 TD (Gargaro also spent 10 years at Lear Corporation, serving first as the Director of Audit, and then) Tj /F230 5.00 Tf -.24 -27.60 TD (as Vice President of ) Tj /F229 12.11 Tf 98.88 0.24 TD (Finance for Europe, Chrsler and the Ford Divisions. He has served as CFO) Tj /F229 11.92 Tf -98.88 -27.84 TD (for five tier-one automotive suppliers, including Delco Remy and Exide Technologies, and) Tj /F229 11.94 Tf -1.20 -27.60 TD (joined the Debtors as the CFO in April 2009.) Tj /F229 11.92 Tf 72.72 -26.88 TD (The appointment to, or continuance in, such office of each such individual is) Tj -71.52 -28.08 TD (consistent with the interests of Holders of Claims against and Equity Interests in the Debtors and) Tj /F230 5.00 Tf -.48 -27.60 TD (with public policy. Thus, the Plan satisfies the requirements of section 1129 \(a\)\(5\) of ) Tj /F229 11.59 Tf 411.60 1.68 TD (the) Tj /F230 10.20 Tf -411.36 -29.04 TD (Bankptcy Code.) Tj /F230 9.48 Tf 0.00 -33.60 TD (F. Section 1129\(a\)\(6\): The Plan Does Not Contain Rate Changes) Tj /F231 11.67 Tf 35.76 -13.68 TD (Subject to Jurisdiction of any Governmental Re2ulatorv Commission) Tj /F230 5.00 Tf 36.24 -25.44 TD (Section 1129\(a\)\(6\) of ) Tj /F229 12.78 Tf 105.36 0.24 TD (the Banptcy Code requires that any regulatory) Tj /F229 11.93 Tf -177.60 -28.32 TD (commission having jurisdiction over the rates charged by a debtor in the operation of its) Tj /F229 12.01 Tf 0.00 -27.36 TD (businesses approve any rate change provided for in the plan. 11 U.S.C. 1129\(a\)\(6\). This) Tj /F229 11.94 Tf -.24 -27.36 TD (provision is inapplicable to Debtors because the Plan does not provide for or contemplate a) Tj /F229 12.19 Tf 0.24 -27.60 TD (change in any rates subject to the jurisdiction of any governental regulatory agency.) Tj /F229 13.40 Tf 0.24 -33.84 TD (G. Section 1129\(a\)\(7\): The Plan Satisfies the "Best Interests) Tj /F229 12.72 Tf 35.76 -13.44 TD (of Creditors" Test with Respect to Each Holder of Claims) Tj /F229 12.74 Tf 0.00 -13.92 TD (and Equity Interests Rejectin2 or Deemed to be Rejectin2 the Plan) Tj /F230 5.00 Tf 36.24 -25.20 TD (Section 1129\(a\)\(7\) of ) Tj /F229 12.98 Tf 105.36 0.48 TD (the Banptcy Code provides, in relevant par:) Tj /F229 12.04 Tf -141.60 -28.08 TD (With respect to each impaired class of claims or interests -) Tj /F229 12.83 Tf 36.00 -29.76 TD (\(A\) each holder of a claim or interest of such class -) Tj /F230 8.83 Tf 35.76 -25.44 TD (\(i\) has accepted the plan; or) Tj /F230 8.24 Tf 0.00 -25.68 TD (\(ii\) wil receive or retain under the plan on account of such claim or) Tj /F229 11.92 Tf -35.76 -11.52 TD (interest property of a value, as of the effective date of the plan, that is not less) Tj /F229 11.93 Tf -.24 -13.92 TD (than the amount that such holder would so receive or retain if the debtor were) Tj /F229 11.90 Tf 0.24 -13.44 TD (liquidated under chapter 7 of this title on such date.) Tj /F229 11.28 Tf 155.04 -58.32 TD (28) Tj ET Q endstream endobj 113 0 obj << /XObject 232 0 R /Font 233 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 114 0 obj << /Length 234 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im235 Do Q Q q BT 3 Tr /F236 12.07 Tf 62.88 708.00 TD (11 U.S.c. 1129\(a\)\(7\). This section is commonly referred to as the "best interests of creditors") Tj /F236 12.25 Tf -1.44 -27.84 TD (test, and focuses on individual dissenting paries rather than classes of claims. See Ban of Am.) Tj /F236 12.13 Tf -.48 -27.36 TD (Natl Trust & Sav. Ass'n v. 203 N. LaSalle St. P'ship, 526 U.S. 434 \(1999\). The test requires) Tj /F236 11.94 Tf 0.24 -27.60 TD (that each holder of a claim or equity interest either accept a plan or receive or retain under such) Tj /F236 11.95 Tf 0.00 -27.36 TD (plan property having a present value, as of the effective date, not less than the amount such) Tj /F236 12.22 Tf 0.00 -27.84 TD (holder would receive or retain if the debtor were liquidated under chapter 7 of the Bankptcy) Tj /F237 5.00 Tf 0.24 -27.60 TD (Code. See id. at 442. As section 1129\(a\)\(7\) of ) Tj /F236 13.05 Tf 228.48 0.96 TD (the Banptcy Code makes clear, this) Tj /F236 11.92 Tf -228.48 -28.32 TD (liquidation analysis applies only to holders of non-accepting Impaired Claims or Equity Interests.) Tj 72.00 -27.12 TD (In these Chapter 11 Cases, some Holders of Class 5 Claims voted to reject the) Tj /F236 11.93 Tf -72.24 -27.84 TD (Plan, and all holders of Class 6 and Class 7 Equity Interests are deemed to have rejected the Plan,) Tj /F236 11.95 Tf -.24 -27.60 TD (however, none has a credible argument that it would receive more in a chapter 7 liquidation than) Tj /F236 12.03 Tf 0.24 -27.60 TD (it is receiving under the Plan. The Liquidation Analysis contained in the Plan Supplement) Tj /F237 5.00 Tf -.48 -27.60 TD (provides a reasonable estimate of ) Tj 162.72 0.72 TD (the liquidation values of ) Tj /F236 11.92 Tf 118.56 0.48 TD (the Debtors \(approximately $27) Tj /F237 5.00 Tf -281.28 -28.32 TD (millon to $55.7 milion\) upon a hypothetical conversion of ) Tj /F236 11.95 Tf 287.04 0.96 TD (the Chapter 11 Cases to cases under) Tj /F238 11.53 Tf -286.80 -28.80 TD (chapter 7 of the Banptcy Code. The First Lien Revolving Lender has an Allowed Claim of) Tj /F237 5.00 Tf 0.00 -27.60 TD (approximately $50 milion secured by a first priority lien on substantially all of ) Tj /F238 10.68 Tf 382.08 1.68 TD (the Debtors') Tj /F236 12.12 Tf -382.08 -29.28 TD (assets. That leaves only approximately $6 millon to be distributed to the First Lien Term Loan) Tj /F236 11.95 Tf 0.00 -27.36 TD (Lenders in any such chapter 7 liquidation, a 4% recovery, while under the Plan the First Lien) Tj /F236 12.03 Tf 0.00 -27.60 TD (Term Loan Lenders are receiving an estimated 42% recovery. All other Holders of Claims and) Tj /F236 11.95 Tf 0.00 -27.60 TD (Equity Interests, including all of Class 5 \(General Unsecured Claims\), Class 6 \(Preferred Equity) Tj 0.00 -27.60 TD (Interests\) and Class 7 \(Common Equity Interests\) would receive nothing in a chapter 7) Tj /F236 12.03 Tf 0.00 -27.36 TD (liquidation. Therefore, each Holder of an Impaired Claim or Equity Interest has either has) Tj /F236 12.04 Tf 0.00 -27.36 TD (accepted the Plan or wil receive or retain under the Plan on account of such Claim or Equity) Tj /F236 11.28 Tf 227.76 -62.40 TD (29) Tj ET Q endstream endobj 115 0 obj << /XObject 235 0 R /Font 236 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 116 0 obj << /Length 237 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im242 Do Q Q q BT 3 Tr /F243 11.95 Tf 63.60 708.00 TD (Interest property of a value, as of the Effective Date, that is not less than the amount that such) Tj /F243 11.94 Tf 0.00 -27.60 TD (Claim Holder or Equity Interest Holder would receive pursuant to a liquidation of the Debtors) Tj /F243 12.30 Tf -.24 -27.36 TD (under chapter 7 of the Bankptcy Code. Thus, the Plan satisfies the requirements of section) Tj /F244 5.00 Tf 0.96 -27.36 TD (1129 \(a\)\(7\) of ) Tj /F243 12.17 Tf 69.36 -.24 TD (the Bankuptcy Code in all respects.) Tj /F244 9.43 Tf -70.56 -33.60 TD (H. Section 1129\(a\)\(8\): Acceptance by or Unimpairment of Each Class) Tj /F244 5.00 Tf 72.72 -25.68 TD (Subject to the exceptions contained in section 1129\(b\) of ) Tj /F243 13.21 Tf 274.08 0.48 TD (the Bankptcy Code) Tj /F244 5.00 Tf -347.04 -27.84 TD (including the "cram-down" provisions discussed below, section 1129 \(a\)\(8\) of ) Tj /F243 15.24 Tf 377.28 0.48 TD (the Banptcy) Tj /F243 11.94 Tf -377.28 -28.08 TD (Code requires that each class of claims or equity interests must either have accepted the plan or) Tj /F243 12.03 Tf -.48 -27.36 TD (not be impaired under the plan. A class of claims accepts a plan if the holders of at least two-) Tj /F243 11.95 Tf -.24 -27.84 TD (thirds in dollar amount and more than one-half in the number of claims that actually vote on the) Tj /F244 5.00 Tf 0.00 -27.36 TD (plan vote to accept the plan. See 11 U.S.C. 1126\(c\). A class of ) Tj /F243 12.03 Tf 316.80 0.48 TD (interests accepts a plan if) Tj /F243 11.95 Tf -316.80 -27.84 TD (holders of at least two-thirds of the amount of interests that actually vote on the plan vote to) Tj /F245 10.80 Tf 0.00 -27.60 TD (accept the plan. See 11 U.S.C. 1126\(d\).) Tj /F243 11.92 Tf 72.48 -27.60 TD (Class 1 \(Other Priority Claims\) and Class 2 \(Other Secured Claims\) are) Tj /F243 12.04 Tf -72.96 -27.60 TD (unimpaired under the Plan and deemed as a matter of law to have accepted the Plan. Class 6) Tj /F243 11.96 Tf 0.24 -29.76 TD (\(Preferred Equity Interest\) and Class 7 \(Common Equity Interests\) are receiving nothing under) Tj /F243 12.05 Tf -.48 -25.20 TD (the Plan and are deemed as a matter of law to have rejected the Plan. Class 3 \(First Lien) Tj /F243 11.94 Tf 0.48 -27.60 TD (Claims\), Class 4 \(Second Lien Claims\) and Class 5 \(General Unsecured Claims\) are Impaired by) Tj /F243 12.03 Tf -.48 -27.60 TD (the Plan and were entitled to vote on the Plan. As attested in the Vote Certification, Classes 3, 4) Tj 0.24 -27.60 TD (and 5 voted to accept the Plan. However, since Classes 6 \(Preferred Equity Interests\) and 7) Tj /F243 11.95 Tf 0.00 -29.52 TD (\(Common Equity Interests\) are deemed to have rejected the Plan, the Plan does not meet the) Tj /F244 5.00 Tf -.48 -25.20 TD (requirements of ) Tj 79.20 0.24 TD (section 1129 \(a\)\(8\) of ) Tj /F243 12.84 Tf 106.32 0.24 TD (the Banptcy Code and the Plan could only be) Tj /F245 11.40 Tf -185.28 -27.84 TD (confirmed under the provisions of section 1129 \(b\) of the Banptcy Code.) Tj /F243 11.28 Tf 227.52 -58.80 TD (30) Tj ET Q endstream endobj 117 0 obj << /XObject 238 0 R /Font 239 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 118 0 obj << /Length 240 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im249 Do Q Q q BT 3 Tr /F250 9.24 Tf 62.16 706.32 TD (I. Section 1129\(a\)\(9\): Payment of Administrative and Certain Priority Claims) Tj /F250 5.00 Tf 72.48 -24.96 TD (Section 1129\(a\)\(9\) of ) Tj /F251 12.63 Tf 105.12 0.96 TD (the Banptcy Code requires that persons holding allowed) Tj /F250 5.00 Tf -177.36 -29.04 TD (claims entitled to priority under section 507 \(a\) of ) Tj /F251 12.51 Tf 240.96 1.92 TD (the Bankptcy Code receive specified cash) Tj /F250 5.00 Tf -241.20 -29.28 TD (payments under the plan. In accordance with section 1129\(a\)\(9\)\(A\) of ) Tj /F251 13.95 Tf 340.56 2.64 TD (the Banptcy Code,) Tj /F251 12.00 Tf -340.32 -30.24 TD (Articles II and III.B.l. of the Plan provides for the payment in full, in cash, of all Administrative) Tj /F251 11.92 Tf 0.24 -27.60 TD (Claims, Priority Tax Claims and Other Priority Claims on the later to occur of \(a\) the Effective) Tj /F251 11.94 Tf 0.00 -27.36 TD (Date and \(b\) the date on which such Claim becomes an Allowed Claim, unless the Holder) Tj 0.00 -27.84 TD (consents to other treatment, and subject to the right to make installment payments on Priority) Tj /F250 5.00 Tf 0.00 -27.36 TD (Tax Claims. Therefore, the Plan satisfies the requirements of section 1129 \(a\)\(9\) of ) Tj /F251 11.59 Tf 402.96 3.12 TD (the) Tj /F250 10.98 Tf -402.72 -30.48 TD (Banptcy Code.) Tj /F250 5.00 Tf -.24 -33.84 TD (J. Section 1129\(a\)\(10\): At Least One Class of ) Tj /F251 12.73 Tf 254.88 2.16 TD (Impaired Claims has Accepted the Plan) Tj /F250 5.00 Tf -182.40 -27.12 TD (Section 1129\(a\)\(10\) of ) Tj /F251 12.65 Tf 111.36 0.72 TD (the Banptcy Code requires the affirmative acceptance) Tj /F251 11.93 Tf -183.36 -28.80 TD (of a plan by at least one class of impaired claims, ". . . determined without including any) Tj /F250 5.00 Tf 0.00 -27.60 TD (acceptance of ) Tj /F252 11.06 Tf 67.92 0.72 TD (the plan by any insider." 11 U.S.C. 1129\(a\)\(10\). Class 3 First Lien Claims is) Tj /F251 12.00 Tf -67.92 -28.08 TD (Impaired and voted to accept the Plan. The Debtors are not aware of any insiders in class 3.) Tj /F250 5.00 Tf 0.24 -27.60 TD (Thus, the Plan satisfies the requirements of section 1129 \(a\)\(10\) of ) Tj /F251 12.54 Tf 321.84 2.64 TD (the Bankrptcy Code.) Tj /F250 9.18 Tf -321.60 -36.48 TD (K. Section 1129\(a\)\(11\): The Plan is Not Likely to Be Followed) Tj /F251 12.85 Tf 35.52 -13.20 TD (By Liquidation or the Need for Further Reor2anization) Tj /F250 5.00 Tf 36.72 -25.44 TD (Section 1129\(a\)\(1l\) of ) Tj /F252 11.53 Tf 108.72 0.96 TD (the Banptcy Code provides that a court may confirm a) Tj /F250 5.00 Tf -180.96 -29.04 TD (plan only if ) Tj 58.32 -1.68 TD ("\(c\)onfirmation of ) Tj /F251 11.92 Tf 90.96 2.88 TD (the plan is not likely to be followed by the liquidation, or the need) Tj -148.80 -28.80 TD (for further financial reorganization, of the debtor or any successor to the debtor under the plan,) Tj /F251 12.09 Tf -.24 -27.36 TD (unless such liquidation or reorganization is proposed in the plan." 11 U.S.c. 1129\(a\)\(11\).) Tj /F251 12.16 Tf 0.24 -27.36 TD (This so-called "feasibilty test" requires that the Cour to determine \(1\) whether there is a) Tj /F251 11.93 Tf 0.24 -27.36 TD (reasonable prospect of the Reorganized Debtors being able to meet their financial obligations) Tj /F251 9.84 Tf 227.28 -41.52 TD (31) Tj ET Q endstream endobj 119 0 obj << /XObject 241 0 R /Font 242 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 120 0 obj << /Length 243 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im256 Do Q Q q BT 3 Tr /F257 10.96 Tf 62.40 707.52 TD (under the Plan in the ordinar course of their business, and \(2\) that confirmation of the Plan is) Tj /F258 12.01 Tf 0.00 -27.60 TD (not likely to be followed by liquidation or the need for further financial reorganization. Courts) Tj /F258 11.92 Tf 0.24 -27.60 TD (generally focus on the adequacy of the proposed capital structure, the earning power of the) Tj /F259 5.00 Tf -.24 -27.60 TD (business, the ability of ) Tj 110.88 0.72 TD (management, the probabilty of ) Tj 152.64 0.96 TD (the continuation of ) Tj /F258 11.82 Tf 93.36 0.72 TD (the same management,) Tj /F258 11.94 Tf -357.12 -29.76 TD (the provisions for adequate working capital, in determining whether a plan is feasible.) Tj /F259 5.00 Tf 72.24 -27.12 TD (As described in detail in the Disclosure Statement, while most of ) Tj /F257 10.68 Tf 313.44 1.92 TD (the Debtors') Tj /F258 12.02 Tf -385.68 -30.00 TD (product lines are profitable, the Debtors had an over-leveraged balance sheet and they were) Tj /F258 11.94 Tf 0.24 -27.60 TD (ultimately unable to service the debt when automotive industry sales volumes dropped so) Tj /F258 12.02 Tf 0.00 -27.36 TD (precipitously. The Plan now represents a radical departure from that over-leveraged balance) Tj /F258 12.11 Tf 0.48 -27.60 TD (sheet, as more than $220 milion of secured debt wil be discharged under the Plan, and the) Tj /F258 12.12 Tf -.24 -27.36 TD (Debtors wil emerge from chapter 11 protection encumbered only by a $50 milion four-year) Tj /F258 12.10 Tf 0.24 -27.84 TD (secured term loan, and the Debtors wil have access to $15 milion of additional working capital) Tj /F258 11.80 Tf -.24 -27.36 TD (financing.) Tj /F258 11.94 Tf 72.24 -26.88 TD (Also in connection with the negotiation of the terms of the Plan, the new) Tj -72.00 -28.08 TD (shareholders agreed to keep in place the Debtors' leadership team, President and CEO Tom) Tj 0.00 -27.60 TD (Musgrave, who joined the Debtors in November 2008, and CFO Tim Gargaro who joined the) Tj /F259 5.00 Tf 0.00 -27.60 TD (Debtors in April 2009, both of ) Tj /F258 11.92 Tf 148.80 0.96 TD (who led the Debtors through the prepetition negotiations and the) Tj /F258 11.82 Tf -148.56 -28.32 TD (Chapter 11 Cases.) Tj /F258 11.93 Tf 72.00 -26.88 TD (The Debtors ability to meet their obligations under the Plan is analyzed in the) Tj -72.00 -28.08 TD (Financial Projections prepared by the Debtors' management in consultation with their financial) Tj /F258 12.01 Tf 0.24 -27.60 TD (advisors. The Financial Projections are included in the Plan Supplement and discussed in Article) Tj /F258 12.32 Tf -.24 -27.36 TD (XVII ofthe Disclosure Statement. The Financial Projections show that: \(a\) the Debtors wil) Tj /F259 8.16 Tf 0.24 -27.36 TD (have suffcient cash on hand on the Effective Date to make all payments required under the Plan) Tj /F258 11.04 Tf 228.00 -62.16 TD (32) Tj ET Q endstream endobj 121 0 obj << /XObject 244 0 R /Font 245 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 122 0 obj << /Length 246 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im263 Do Q Q q BT 3 Tr /F264 12.02 Tf 63.12 708.00 TD (on the Effective Date; \(b\) the Debtors wil be able to pay their vendors and service providers in) Tj /F264 12.10 Tf -.24 -27.36 TD (the ordinar course of business on agreed terms in the period immediately after the Effective) Tj 0.24 -27.60 TD (Date and for the several years covered by the Financial Projections; and\(c\) the Debtors wil) Tj 0.00 -27.36 TD (generate earnings sufficient to service the approximate $65 milion of secured debt that they wil) Tj /F265 10.93 Tf -.24 -27.84 TD (be paries to on and after the Effective Date for the term of that debt.) Tj /F266 5.00 Tf 72.48 -26.88 TD (The Debtors have met the feasibilty test of ) Tj /F264 11.86 Tf 210.00 1.20 TD (section 1129 \(a\)\(11\) in that: \(i\) they) Tj /F264 12.04 Tf -282.48 -29.28 TD (wil continue to operate under the same capable management that led the Debtors through their) Tj /F264 12.03 Tf 0.00 -27.60 TD (prepetition negotiations and successful Chapter 11 Cases; \(ii\) they have wil have a dramatically) Tj /F264 11.95 Tf 0.00 -27.36 TD (reduced debt burden: \(iii\) they have negotiated certain accommodations agreements with their) Tj /F264 12.05 Tf 0.24 -27.60 TD (Principal Customers that wil provide them with price increases and/or new business, which) Tj /F264 11.94 Tf 0.24 -27.60 TD (should enable them to generate the revenues assumed by the Financial Projections; and \(iv\) they) Tj /F264 12.22 Tf -.48 -27.36 TD (wil have $15 milion of new working capital once the Plan is confirmed. The Plan is feasible) Tj /F264 11.96 Tf 0.00 -27.60 TD (because, as demonstrated by the Financial Projections, there is a reasonable likelihood that the) Tj /F264 12.11 Tf 0.24 -27.36 TD (Reorganized Debtors wil meet their financial obligations under the Plan in the ordinary course) Tj /F264 11.95 Tf 0.00 -27.84 TD (of business, and confirmation of the Plan is not likely to be followed by the liquidation or need) Tj /F264 12.03 Tf 0.24 -27.36 TD (for further financial reorganization of the Reorganized Debtors. Thus, the Plan satisfies the) Tj /F266 5.00 Tf -.24 -27.60 TD (requirements of section 1129 \(a\)\(11\) of ) Tj /F264 11.88 Tf 191.52 1.20 TD (the Bankruptcy Code.) Tj /F266 9.34 Tf -191.28 -34.80 TD (L. Section 1129\(a\)\(12\): All Statutorv Fees Have Been or Wil Be Paid) Tj /F266 5.00 Tf 72.96 -25.20 TD (Section 1129\(a\)\(12\) of ) Tj 110.88 0.72 TD (the Banruptcy Code requires the payment of ) Tj /F264 11.84 Tf 221.28 -.72 TD ("\(a\)ll fees) Tj /F264 11.96 Tf -405.36 -28.08 TD (payable under section 1930 \(title 28, the United States Code\), as determined by the court at the) Tj /F266 5.00 Tf 0.24 -27.36 TD (hearing on confirmation ofthe plan. . .." 11 U.S.C. 1129\(a\)\(12\). Section 507 of ) Tj /F264 11.79 Tf 403.20 2.88 TD (the) Tj /F264 12.41 Tf -402.96 -30.48 TD (Banptcy Code provides that "any fees and charges assessed against the estate under \(section) Tj /F266 5.00 Tf 1.20 -27.12 TD (1930,\) chapter 123 of ) Tj /F264 11.95 Tf 105.12 0.72 TD (title 28" are afforded priority as administrative expenses. 11 U.S.C. ) Tj /F264 10.80 Tf 121.68 -58.80 TD (33) Tj ET Q endstream endobj 123 0 obj << /XObject 247 0 R /Font 248 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 124 0 obj << /Length 249 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im270 Do Q Q q BT 3 Tr /F271 11.99 Tf 62.16 708.00 TD (507\(a\)\(2\). The Plan provides that, on the Effective Date, and thereafter as may be required, the) Tj /F272 5.00 Tf -.24 -27.36 TD (Reorganized Debtors shall pay all fees required to be paid pursuant to section 1930 of ) Tj /F271 12.28 Tf 412.56 2.40 TD (title 28 of) Tj /F273 10.78 Tf -412.80 -30.00 TD (the United States Code. The Plan also provides that the Reorganized Debtors shall continue to) Tj /F271 12.00 Tf 0.24 -27.60 TD (file all required reports and pay all fees required to be paid pursuant to 28 U.S.c. 1930 for each) Tj /F271 12.01 Tf 0.00 -27.60 TD (chapter 11 entity until the cases are closed, converted or dismissed. Thus, the Plan satisfies the) Tj /F272 5.00 Tf -.24 -27.36 TD (requirements of ) Tj 78.48 0.48 TD (section 1129\(a\)\(12\) of ) Tj /F271 13.95 Tf 109.92 0.48 TD (the Banptcy Code.) Tj /F271 13.32 Tf -188.16 -34.56 TD (M. Section 1129\(a\)\(13\): Plan Adequately and Properly Treats Retiree Benefits) Tj /F272 5.00 Tf 72.24 -25.20 TD (Section 1129\(a\)\(13\) of ) Tj /F271 12.38 Tf 111.36 0.48 TD (the Bankptcy Code provides that a court may confirm a) Tj /F271 11.95 Tf -183.84 -28.32 TD (plan only if "\(t\)he plan provides for the continuation after its effective date of payment of all) Tj /F272 5.00 Tf 0.00 -27.60 TD (retiree benefits." 11 U.S.C. 1129\(a\)\(13\). Aricle VI of ) Tj /F273 10.76 Tf 275.28 1.44 TD (the Plan provides that the Debtors') Tj /F272 5.00 Tf -275.04 -29.04 TD (obligations, if any, to pay "retiree benefits," as such term is defined in section 1114 of ) Tj /F271 11.79 Tf 414.24 2.40 TD (the) Tj /F271 12.36 Tf -414.24 -30.00 TD (Bankptcy Code, shall surive the Effective Date and become an obligation of the Reorganized) Tj /F271 11.95 Tf 0.00 -27.36 TD (Debtors unless such retiree benefits are modified in accordance with the provisions of section) Tj /F273 11.29 Tf 1.20 -27.60 TD (1114 of the Banptcy Code. Accordingly, the Plan satisfies the requirements of section 1129) Tj /F272 5.00 Tf -.96 -29.76 TD (\(a\)\(13\) of ) Tj /F271 13.16 Tf 48.72 2.40 TD (the Bankptcy Code.) Tj /F272 9.30 Tf -48.96 -33.84 TD (N. Section 1129\(a\)\(14\): Domestic Support Obli2ations - Inapplicable) Tj /F271 11.94 Tf 72.00 -25.20 TD (The Debtors are not required by a judicial or administrative order, or by statute, to) Tj /F272 5.00 Tf -71.76 -28.08 TD (pay a domestic support obligation. Accordingly, section 1129 \(a\)\(14\) of ) Tj /F271 11.88 Tf 349.92 2.40 TD (the Bankruptcy Code is) Tj -349.44 -29.76 TD (inapplicable in these Chapter 11 Cases.) Tj /F273 12.44 Tf 0.00 -33.84 TD (O. Section 1129\(a\)\(15\): The Debtors Are not Individuals - Inapplicable) Tj /F272 5.00 Tf 70.80 -24.72 TD (A. The Debtors are not individuals. Accordingly, section 1129 \(a\)\(15\) of ) Tj /F271 11.79 Tf 365.28 2.40 TD (the) Tj /F271 12.62 Tf -436.08 -30.24 TD (Banptcy Code is inapplicable in these Chapter 11 Cases.) Tj /F271 11.28 Tf 227.52 -77.04 TD (34) Tj ET Q endstream endobj 125 0 obj << /XObject 250 0 R /Font 251 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 126 0 obj << /Length 252 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im277 Do Q Q q BT 3 Tr /F278 9.70 Tf 63.12 708.48 TD (P. Section 1129\(a\)\(16\): Transfers in Accordance With Non-Bankruptcy Law) Tj /F278 5.00 Tf 71.04 -25.20 TD (B. Section 1129\(a\)\(16\) of ) Tj /F279 12.96 Tf 138.00 0.48 TD (the Banptcy Code requires all transfers of) Tj /F279 12.38 Tf -209.52 -28.32 TD (property of a plan to be made in accordance with any applicable provisions of non-banptcy) Tj /F279 11.93 Tf 0.24 -27.60 TD (law that govern the transfer of property by a corporation or trust that is not a moneyed, business) Tj /F279 12.00 Tf 0.00 -27.60 TD (or commercial corporation or trust. The Debtors are moneyed businesses and/or commercial) Tj /F278 5.00 Tf -.24 -27.36 TD (corporations. Accordingly, section 1129\(a\)\(16\) of ) Tj /F279 12.49 Tf 244.32 0.72 TD (the Bankptcy Code is inapplicable in these) Tj /F278 5.00 Tf -244.08 -28.32 TD (Chapter 11 Cases. Nevertheless, if ) Tj /F279 11.90 Tf 170.88 0.48 TD (section 1129\(a\)\(16\) applied, the Plan would be in compliance) Tj /F279 11.93 Tf -171.36 -28.08 TD (because all transfers of property under the Plan are to be made in accordance with any applicable) Tj /F280 12.21 Tf -.24 -27.60 TD (provisions of non-banptcy law.) Tj /F278 5.00 Tf 0.24 -35.52 TD (Q. Fed. R. Bankr. P. 3016\(a\): Identifcation of ) Tj /F280 11.36 Tf 257.52 2.88 TD (Plan Proponents) Tj /F279 12.48 Tf -186.00 -26.16 TD (As required by Banptcy Rule 3016\(a\), the Plan is dated and identifies the) Tj /F279 11.90 Tf -71.76 -27.60 TD (Debtors as the Plan proponents.) Tj /F279 12.87 Tf 224.88 -28.08 TD (III.) Tj /F279 12.70 Tf -128.88 -30.24 TD (THE PLAN SATISFIES THE REQUIREMENTS OF) Tj /F279 12.51 Tf 2.40 -15.12 TD (SECTION 1129\(B\) OF THE BANKRUPTCY CODE) Tj /F280 11.39 Tf -26.16 -25.92 TD (Section 1129\(b\) of the Banptcy Code permits the Court to "cram down" a plan) Tj /F279 11.94 Tf -72.24 -27.84 TD (over the dissenting vote of an impaired class or classes of claims or equity interests and confirm) Tj /F279 12.06 Tf 0.00 -27.60 TD (a plan notwithstanding such dissenting votes. See 11 U.S.C. 1129\(b\)\(1\). Section 1129\(b\)\(l\) of) Tj /F279 12.90 Tf -.48 -27.60 TD (the Banptcy Code provides, in pertinent par, that:) Tj /F279 11.73 Tf 36.00 -27.36 TD (Notwithstanding 51 O\( a\) of this title, if all of the applicable requirements of) Tj /F278 5.00 Tf 0.96 -16.08 TD (\( 1129\(a\) of ) Tj /F279 12.64 Tf 65.04 2.64 TD (the Banptcy Code\) other than \(the requirement contained in) Tj /F280 10.93 Tf -65.04 -13.92 TD ( 1129\(a\)\(8\)\) are met with respect to a plan, the cour, on request ofthe proponent) Tj /F279 11.95 Tf -.48 -13.68 TD (of the plan, shall confirm the plan notwithstanding the requirements of such) Tj /F278 5.00 Tf -.48 -13.68 TD (paragraph if ) Tj /F279 11.98 Tf 60.72 0.24 TD (the plan does not discriminate unfairly, and is fair and equitable, with) Tj /F279 11.96 Tf -60.48 -13.92 TD (respect to each class of claims or interests that is impaired under, and has not) Tj /F279 11.77 Tf 0.24 -13.92 TD (accepted, the plan.) Tj /F279 10.56 Tf 191.52 -71.04 TD (35) Tj ET Q endstream endobj 127 0 obj << /XObject 253 0 R /Font 254 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 128 0 obj << /Length 255 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im284 Do Q Q q BT 3 Tr /F285 5.00 Tf 64.08 707.52 TD (11 U.S.C. 1129\(b\)\(l\). Thus, the Court may "cram down" a plan over the dissenting vote of ) Tj /F286 11.44 Tf 443.52 2.88 TD (an) Tj /F286 11.99 Tf -444.48 -30.24 TD (impaired class or classes as long as the plan does not "discriminate unfairly" and is "fair and) Tj /F286 12.05 Tf -.24 -27.60 TD (equitable" with respect to such dissenting class or classes. The plan proponent bears the burden) Tj /F286 5.00 Tf 0.24 -27.60 TD (of ) Tj 12.48 0.24 TD (proof ) Tj /F285 5.00 Tf 29.28 0.00 TD (by a preponderance of ) Tj /F287 10.99 Tf 109.68 0.72 TD (the evidence. In re Briscoe Enters., Ltd. II, 994 F.2d 1160,1163-) Tj /F285 7.81 Tf -151.44 -28.56 TD (64 \(5th Cir. 1993\).) Tj /F286 11.93 Tf 72.48 -26.88 TD (As described above, Classes 6 \(Preferred Equity Interests\) and 7 \(Common Equity) Tj /F285 5.00 Tf -72.72 -28.08 TD (Interests\) are deemed to have rejected the Plan in accordance with section 1126\(g\) of ) Tj /F286 11.59 Tf 410.16 2.64 TD (the) Tj /F286 12.33 Tf -410.16 -30.00 TD (Bankptcy Code \(collectively the "Reiecting Classes"\). As demonstrated below, the Plan does) Tj /F286 11.96 Tf 0.00 -27.60 TD (not discriminate unfairly, and is fair and equitable with respect to the Rejecting Classes and,) Tj /F285 5.00 Tf 0.24 -27.60 TD (accordingly, the Plan can be confirmed pursuant to section 1129\(b\) of ) Tj /F286 13.13 Tf 337.44 1.92 TD (the Bankptcy Code.) Tj /F286 13.22 Tf -337.68 -35.76 TD (A. The Plan Does Not Discriminate Unfairly With Respect To Reiectin2 Classes) Tj /F286 12.06 Tf 73.44 -25.20 TD (Section 1129\(b \)\(1\) of the Bankptcy Code only prohibits discrimination with) Tj /F286 11.96 Tf -73.44 -27.60 TD (respect to the class or classes that do not accept the plan to the extent such discrimination is) Tj /F286 12.51 Tf 0.24 -27.60 TD ("unfair." See e.g., In re 11.1 1 L Inc., 117 B.R. 471,478 \(Ban. D. Minn. 1990\). A plan) Tj /F287 11.48 Tf 0.00 -27.60 TD (unfairly discriminates in violation of section 1129\(b\) of the Banptcy Code only if classes) Tj /F286 11.97 Tf 0.24 -27.60 TD (comprising similarly situated claims or interests receive treatment under the plan that is not) Tj /F286 12.03 Tf 0.00 -27.60 TD (equivalent and there is no reasonable basis for the disparate treatment. See e.g. In re Kennedy,) Tj /F287 11.38 Tf 1.20 -27.36 TD (158 B.R. 589,599 \(Banr. D.N.J. 1993\); In re Resorts Intl. Inc., 145 B.R, 412 \(Bankr. D.NJ.) Tj /F286 12.24 Tf 0.00 -27.60 TD (1990\); In re Buttonwood Parners, Ltd., 111 B.R. 57,63 \(Bank. S.D.N.Y. 1990\).) Tj /F286 11.94 Tf 71.76 -27.12 TD (In these Chapter 11 Cases all holders of preferred stock, including anyone holding) Tj /F286 12.14 Tf -72.48 -28.08 TD (options, warants and other rights to acquire preferred stock, are in Class 6. Similarly, all holders) Tj /F286 12.08 Tf 0.00 -27.36 TD (of common stock, including anyone holding options, warants and other rights to acquire) Tj /F285 5.00 Tf 0.00 -27.36 TD (common stock, are in Class 7. Accordingly, there are no similarly situated Holders of ) Tj /F286 11.79 Tf 415.20 3.12 TD (Equity) Tj /F286 11.28 Tf -186.96 -60.96 TD (36) Tj ET Q endstream endobj 129 0 obj << /XObject 256 0 R /Font 257 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 130 0 obj << /Length 258 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im291 Do Q Q q BT 3 Tr /F292 11.92 Tf 63.60 708.72 TD (Interests not in Classes 6 or 7, and, therefore, no basis exists for a holder of Class 6 or Class 7) Tj -.24 -27.60 TD (Equity Interests to complain that the Plan discriminates, let alone discriminates unfairly.) Tj /F292 13.43 Tf 0.24 -33.60 TD (B. The Plan is Fair and Equitable With Respect To the Reiectin2 Classes) Tj /F293 5.00 Tf 72.00 -25.44 TD (Sections 1129\(b\)\(2\)\(B\) and \(C\) of ) Tj /F292 12.93 Tf 165.60 0.96 TD (the Banptcy Code provide that a plan is) Tj /F292 11.94 Tf -237.60 -28.80 TD ("fair and equitable" with respect to a class of unsecured claims and a class of equity interests,) Tj /F293 5.00 Tf -.24 -27.60 TD (respectively, as long as holders of ) Tj /F292 11.96 Tf 164.16 0.72 TD (junior claims or interests do not receive or retain under the) Tj /F293 5.00 Tf -164.16 -28.32 TD (plan on account of ) Tj /F292 5.00 Tf 91.68 0.48 TD (such ) Tj /F292 12.10 Tf 24.00 0.24 TD (junior claims or interests any property. See 11 U.S.C.) Tj /F292 11.93 Tf -114.96 -28.08 TD ( 1129\(b \)\(2\)\(B\)\(ii\) and \(C\)\(ii\). There are no Holders of claims or interests junior to Class 6 and) Tj /F294 10.85 Tf -.48 -27.84 TD (Class 7 Equity Interests and, therefore, no distributions to a junior class are possible. Therefore,) Tj /F293 5.00 Tf -.24 -27.60 TD (the treatment of ) Tj 78.48 0.72 TD (the Equity Interests of ) Tj /F292 11.92 Tf 108.96 0.48 TD (the Rejecting Classes is fair and equitable.) Tj /F292 11.94 Tf -115.44 -28.08 TD (Moreover, as described in the Going Concern Valuation contained in the Plan) Tj /F293 5.00 Tf -71.28 -28.08 TD (Supplement, the post-Effective Date going concern value of ) Tj /F292 11.95 Tf 289.20 1.92 TD (the Reorganized Debtors is between) Tj /F293 5.00 Tf -289.44 -30.24 TD ($120 milion and $150 milion. The Allowed Claims of ) Tj /F292 12.03 Tf 270.24 2.64 TD (the First Lien Lenders are in excess of) Tj /F292 12.11 Tf -270.24 -30.24 TD ($210 milion, and they hold liens on substantially all of the assets of the Debtors. Thus, Classes) Tj /F292 11.96 Tf -1.20 -26.88 TD (junior in priority to Class 3 \(which accepted the Plan\), like Classes 6 and 7, can have no) Tj /F294 11.24 Tf 1.20 -27.60 TD (complaint under Banuptcy Code Section 1129 \(b\) if they receive nothing on their Equity) Tj /F294 10.88 Tf 0.00 -27.12 TD (Interests. Based upon the Going Concern Valuation, the Plan, as required by section 1129\(b\) of) Tj /F294 11.32 Tf -.24 -27.84 TD (the Banptcy Code, does not discriminate unfairly and is fair and equitable with respect to all) Tj /F292 11.78 Tf 0.24 -27.60 TD (Rejecting Classes.) Tj /F292 14.94 Tf 225.36 -26.88 TD (iv.) Tj /F292 12.48 Tf -32.16 -30.24 TD (CONCLUSION) Tj /F292 12.05 Tf -121.20 -26.40 TD (For all ofthe foregoing reasons, and based on such further arguments and) Tj /F292 11.95 Tf -71.52 -28.08 TD (evidence as may be presented at the Confirmation Hearing, the Debtors respectfully submit that) Tj /F292 11.04 Tf 227.52 -55.92 TD (37) Tj ET Q endstream endobj 131 0 obj << /XObject 259 0 R /Font 260 0 R /ProcSet [/PDF /Text /ImageB /ImageC] >> endobj 132 0 obj << /Length 261 0 R >> stream q q 612.00 0.00 0.00 790.80 0.00 0.00 cm 0.00 0.00 0.00 rg /Im298 Do Q Q q BT 3 Tr /F299 11.94 Tf 62.64 708.48 TD (the Plan should be confirmed and that the Court should enter the Confirmation Order attached) Tj /F299 11.88 Tf 0.00 -27.36 TD (hereto as Exhibit 1.) Tj /F299 12.20 Tf 0.00 -65.28 TD (Dated: September 1, 2009) Tj /F300 18.93 Tf 215.76 0.48 TD (PACHULSKI STANG ZIEHL ~) Tj /F299 72.00 Tf 9.60 -43.20 TD (~.A) Tj /F299 11.90 Tf -9.60 -7.92 TD (Laura Davis Jones \(Bar No. 2436\)) Tj /F301 8.69 Tf 0.00 -13.92 TD (James E. O'Neil \(Bar No. 4042\)) Tj /F299 12.11 Tf 0.24 -13.68 TD (Curtin A. Hehn \(Bar No. 4264\)) Tj /F299 11.90 Tf 0.00 -13.92 TD (919 North Market Street, 17th Floor) Tj /F299 11.71 Tf -.24 -13.68 TD (P.O. Box 8705) Tj /F299 11.88 Tf 0.00 -13.68 TD (Wilmington, DE 19899-8705 \(Courier 19801\)) Tj /F300 11.03 Tf 0.00 -13.68 TD (Telephone: \(302\) 652-4100) Tj /F299 12.18 Tf 0.00 -13.92 TD (Facsimile: \(302\) 652-4400) Tj /F300 11.55 Tf -.24 -13.68 TD (Email: ljones~pszjlaw.com) Tj /F299 11.38 Tf 0.24 -27.60 TD (-and-) Tj /F299 11.79 Tf -.24 -25.68 TD (MILBANK, TWEED, HADLEY & MCLOY LLP) Tj /F299 11.81 Tf 0.24 -13.92 TD (Gregory A. 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