IN THE UNITED STATES BANKRUPTCY COURT EASTERN …€¦ · speed Tricot compound needle warp...

K&E 10811762.7

IN THE UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN

SOUTHERN DIVISION

In re: ) Chapter 11 ) COLLINS & AIKMAN CORPORATION, et al.1 ) Case No. 05-55927 (SWR) ) (Jointly Administered) Debtors. ) ) (Tax Identification #13-3489233) ) )

))

Honorable Steven W. Rhodes Hearing Date (if necessary): December 8, 2005 at 2:00 p.m. Objection Deadline: December 1, 2005 at 4:00 p.m.

MOTION FOR AN ORDER APPROVING THE STIPULATION REGARDING ADEQUATE PROTECTION OF ALLEGED SECURED CLAIM OF MAYER TEXTILE

MACHINE CORPORATION

The above-captioned debtors (collectively, the “Debtors”) hereby move the Court

(the “Motion”) for the entry of an order, substantially in the form of Exhibit A, approving the

stipulation regarding adequate protection of alleged secured claim of Mayer Textile Machine

Corporation (“Mayer”). In support of this Motion, the Debtors respectfully state as follows:

1 The Debtors in the jointly administered cases include: Collins & Aikman Corporation; Amco Convertible Fabrics, Inc., Case No. 05-55949;

Becker Group, LLC (d/b/a/ Collins & Aikman Premier Mold), Case No. 05-55977; Brut Plastics, Inc., Case No. 05-55957; Collins & Aikman (Gibraltar) Limited, Case No. 05-55989; Collins & Aikman Accessory Mats, Inc. (f/k/a the Akro Corporation), Case No. 05-55952; Collins & Aikman Asset Services, Inc., Case No. 05-55959; Collins & Aikman Automotive (Argentina), Inc. (f/k/a Textron Automotive (Argentina), Inc.), Case No. 05-55965; Collins & Aikman Automotive (Asia), Inc. (f/k/a Textron Automotive (Asia), Inc.), Case No. 05-55991; Collins & Aikman Automotive Exteriors, Inc. (f/k/a Textron Automotive Exteriors, Inc.), Case No. 05-55958; Collins & Aikman Automotive Interiors, Inc. (f/k/a Textron Automotive Interiors, Inc.), Case No. 05-55956; Collins & Aikman Automotive International, Inc., Case No. 05-55980; Collins & Aikman Automotive International Services, Inc. (f/k/a Textron Automotive International Services, Inc.), Case No. 05-55985; Collins & Aikman Automotive Mats, LLC, Case No. 05-55969; Collins & Aikman Automotive Overseas Investment, Inc. (f/k/a Textron Automotive Overseas Investment, Inc.), Case No. 05-55978; Collins & Aikman Automotive Services, LLC, Case No. 05-55981; Collins & Aikman Canada Domestic Holding Company, Case No. 05-55930; Collins & Aikman Carpet & Acoustics (MI), Inc., Case No. 05-55982; Collins & Aikman Carpet & Acoustics (TN), Inc., Case No. 05-55984; Collins & Aikman Development Company, Case No. 05-55943; Collins & Aikman Europe, Inc., Case No. 05-55971; Collins & Aikman Fabrics, Inc. (d/b/a Joan Automotive Industries, Inc.), Case No. 05-55963; Collins & Aikman Intellimold, Inc. (d/b/a M&C Advanced Processes, Inc.), Case No. 05-55976; Collins & Aikman Interiors, Inc., Case No. 05-55970; Collins & Aikman International Corporation, Case No. 05-55951; Collins & Aikman Plastics, Inc., Case No. 05-55960; Collins & Aikman Products Co., Case No. 05-55932; Collins & Aikman Properties, Inc., Case No. 05-55964; Comet Acoustics, Inc., Case No. 05-55972; CW Management Corporation, Case No. 05-55979; Dura Convertible Systems, Inc., Case No. 05-55942; Gamble Development Company, Case No. 05-55974; JPS Automotive, Inc. (d/b/a PACJ, Inc.), Case No. 05-55935; New Baltimore Holdings, LLC, Case No. 05-55992; Owosso Thermal Forming, LLC, Case No. 05-55946; Southwest Laminates, Inc. (d/b/a Southwest Fabric Laminators Inc.), Case No. 05-55948; Wickes Asset Management, Inc., Case No. 05-55962; and Wickes Manufacturing Company, Case No. 05-55968.

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2 K&E 10811762.7

Jurisdiction

1. The Court has jurisdiction over this matter pursuant to 28 U.S.C. § 1334. This

matter is a core proceeding within the meaning of 28 U.S.C. § 157(b)(2).

2. Venue is proper pursuant to 28 U.S.C. §§ 1408 and 1409.

3. The statutory bases for the relief requested herein are sections 361(1) and 363(b)

of the Bankruptcy Code, 11 U.S.C. §§ 101-1330 (the “Bankruptcy Code”) and Rule 9019(a) of

the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”).

Background

4. On May 17, 2005 (the “Petition Date”), the Debtors filed their voluntary petitions

for relief under chapter 11 of the Bankruptcy Code. The Debtors are operating their businesses

and managing their properties as Debtors in possession pursuant to sections 1107(a) and 1108 of

the Bankruptcy Code. No trustee or examiner has been appointed in these cases. On the Petition

Date, the Court entered an order jointly administering these cases pursuant to

Bankruptcy Rule 1015(b).

5. On May 24, 2005, the United States trustee appointed an official committee of

unsecured creditors pursuant to section 1102 of the Bankruptcy Code (the “Committee”).

6. The Debtors and their non-Debtor affiliates are leading global suppliers of

automotive components, systems and modules to all of the world’s largest vehicle manufacturers,

including DaimlerChrysler AG, Ford Motor Company, General Motors Corporation, Honda

Motor Company, Inc., Nissan Motor Company Unlimited, Porsche Cars GB, Renault Créateur

D’Automobiles, Toyota SA and Volkswagen AG.

The Purchase Agreements

7. On November 11, 2004, the Debtors entered into a purchase agreement with

Mayer (the “First Contract”), pursuant to which Mayer agreed to sell to the Debtors two high-

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speed Tricot compound needle warp knitting machines and related equipment for a total

purchase price of $373,388.00. Before the Petition Date, the Debtors paid $174,247.74 to Mayer

pursuant to the terms of the First Contract.

8. On November 11, 2004, the Debtors entered into a second purchase agreement

with Mayer (the “Second Contract,” and with the First Contract, the “Contracts”), pursuant to

which Mayer agreed to sell to the Debtors fourteen high-speed Tricot compound needle warp

knitting machines and related equipment for a total purchase price of $2,304,410.00. Before the

Petition Date, the Debtors paid $766,370.00 to Mayer pursuant to the terms of the

Second Contract.

9. Mayer alleges that it holds valid, perfected purchase money security interests in

the equipment it sold to the Debtors under the Contracts (the “Collateral”).

10. After the Petition Date, Mayer notified the Debtors that it demands adequate

protection to protect its alleged interest in the Collateral from decreasing in value on account of

the Debtors’ continued use of the Collateral pursuant to section 361 of the Bankruptcy Code.

11. After an arm’s-length negotiation, the Debtors and Mayer have entered into the

stipulation attached hereto as Exhibit B (the “Stipulation”), pursuant to which, among other

things, the Debtors agree to pay Mayer six monthly payments (the “Payments”), each in the

amount of $20,000. The Stipulation’s effectiveness is conditioned upon the Court’s approval.

The agents for the pre- and postpetition senior secured lenders do not object to the Court’s

approval of the Stipulation.3

3 The Debtors and the Committee has discussed the Motion and the Committee is considering its position at the

time of filing of the Motion.

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Relief Requested

12. By this Motion, the Debtors respectfully request that the Court approve the

Stipulation pursuant to sections 361(1) and 363(b) of the Bankruptcy Code and

Bankruptcy Rule 9019(a).

Basis for Relief

13. Bankruptcy Rule 9019(a) provides, in pertinent part, that “[o]n motion by the

[debtor in possession] and after notice and a hearing, the court may approve a compromise or

settlement.” Fed. R. Bankr. P. 9019(a). Section 363(b) allows a trustee or debtor in possession

to use property of the estate other than in the ordinary course of business after appropriate notice

and hearing. See 11 U.S.C. § 363(b)(1).

14. Compromises are tools for expediting the administration of the case and reducing

administrative costs and are favored in bankruptcy. See Protective Comm. of Independent

Stockholders of TMT Trailer Ferry, Inc. v. Anderson, 390 U.S. 414, 424 (1968) (“In

administering reorganization proceedings in an economic and practical matter it will often be

wise to arrange the settlement of claims.”); Fishell v. Soltow (In re Fishell), No. 92-1109, 1995

WL 66622, at *2 (6th Cir. 1995); In re Haven, Inc., 2005 WL 927666, at *1 (6th Cir. B.A.P.

2005); In re Dow Corning Corp., 192 B.R. 415, 421 (AJS) (Bankr. E.D. Mich. 1996); see also

Fogel v. Zell, 221 F.3d 955, 960 (7th Cir. 2000); In re Martin, 91 F.3d 389, 393 (3d Cir. 1996)

(“To minimize litigation and expedite the administration of a bankruptcy case, ‘[c]ompromises

are favored in bankruptcy.’”) (quoting 9 Collier on Bankruptcy 9019.03[1] (15th Ed. 1993)).

Moreover, various courts have endorsed the use of Bankruptcy Rule 9019 to resolve disputes.

See, e.g., Bartel v. Bar Harbour Airways, Inc., 196 B.R. 268, 271 (S.D.N.Y. 1996); In re Check

Reporting Service, Inc., 137 B.R. 653, 656 (Bankr. W.D. Mich. 1992); In re Miller, 148 B.R.

5 K&E 10811762.7

510, 516 (Bankr. N.D. Ill. 1992); In re Planned Systems, Inc., 82 B.R. 919, 921 (Bankr.

S.D. Ohio 1988).

15. Generally, a settlement should be approved if it is determined to be fair and

equitable and does not fall below the lowest level of reasonableness. See Bauer v. Commerce

Union Bank, 859 F.2d 438, 441 (6th Cir. 1988); In re Haven, Inc. 2005 WL 927666, at *3 (6th

Cir. B.A.P. 2005); In re Dow Corning Corp., 192 B.R. 415, 421 (AJS) (Bankr. E.D. Mich. 1996).

In determining whether a compromise satisfies this standard, courts ordinarily consider: (a) the

probability of success in the litigation; (b) the difficulties, if any, to be encountered in the matter

of collection; (c) the complexity and expense of the litigation involved; and (d) the paramount

interest of creditors and proper deference to their reasonable views. See, e.g., Bard at 530; In re

Dow Corning Corp., 2003 WL 22218449, at *1 (DPH) (Bankr. E.D. Mich. 2003); In re Dalen,

259 B.R. 586, 611-13 (Bankr. W.D. Mich. 2001); In re Stinson, Inc., 221 B.R. 726, 732 (SWR)

(Bankr. E.D. Mich. 1998).

16. The Stipulation presently before the Court satisfies the standard. If the parties did

not agree to the Stipulation, the Debtors and Mayer would become embroiled in litigation over

the value of the Collateral, the outcome of which is uncertain. Such litigation would require that

both parties, at great expense, employ expert appraisers and other professionals to determine the

accurate value of the Collateral. The expenses incurred in this litigation would be an additional

burden to the estates and their creditors. This Stipulation avoids both the uncertainty of litigation

and the heavy encumbrance it would place on the estates and their creditors.

17. Section 363(b)(1) provides that “[t]he trustee, after notice and a hearing, may use,

sell, or lease, other than in the ordinary course of business, property of the estate.” 11 U.S.C.

§ 363(b)(1). Courts within the Sixth Circuit have held that transactions should be approved

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under section 363 when they are supported by sound business judgment. See, e.g., Stephens

Indus., Inc. v. McClung, 789 F.2d 386, 390 (6th Cir. 1986) (concluding that “a court can

authorize a sale of a Debtors’ assets when a sound business purpose dictates such action.”); In re

Embrace Sys. Corp., 178 B.R. 112, 124 (Bankr. W.D. Mich. 1995); see also In re North

American Royalties, Inc., 276 B.R. 860, 866 (Bankr. E.D. Tenn. 2002).

18. The Stipulation is supported by a sound business purpose. The Debtors seek

approval of this Stipulation to minimize the costs associated with providing adequate protection

and preserve their relationship with Mayer. Mayer provides the Debtors with equipment that is

essential to their businesses. Any litigation between the parties will be costly and may cause

Mayer to refuse to enter into new sale contracts with the Debtors, thereby possibly hindering the

Debtors’ operations and their reorganization efforts.

19. Moreover, if the parties did not agree to the stipulation, on information and belief,

Mayer would have filed a motion requesting adequate protection under section 363(e) of the

Bankruptcy Code. Mayer has indicated that it would have requested amounts in excess of

$20,000. Given the legal standards regarding a party’s request for such payments, defending

against the request would require the Debtors to incur substantial costs with respect to discovery,

attorneys’ fees and time spent on the litigation. Further, the Debtors submit that the adequate

protection amounts under the Stipulation are consistent with the standards in section 361(1) of

the Bankruptcy Code.

20. Accordingly, for all of the foregoing reasons, the Debtors submit that the facts

underlying the Stipulation meet the standards of Bankruptcy Rule 9019(a) and section 363(b),

and that the Court should, therefore, grant the Motion.

7 K&E 10811762.7

Notice

21. Notice of this Motion has been given to counsel to Mayer Textile Machine

Corporation, the Core Group and the 2002 List as required by the Case Management

Procedures.4 In light of the nature of the relief requested, the Debtors submit that no further

notice is required.

No Prior Request

22. No prior motion for the relief requested herein has been made to this or any other

court.

4 Capitalized terms used in this paragraph 21 not otherwise defined herein shall have the meanings set forth in the First Amended Notice,

Case Management and Administrative Procedures filed on June 9, 2005 [Docket No. 294].

8 K&E 10811762.7

WHEREFORE, the Debtors respectfully request an entry of an order,

substantially in the form attached hereto as Exhibit A, (a) approving the Stipulation and

(b) granting such other further relief as is just and proper.

Dated: November 16, 2005 KIRKLAND & ELLIS LLP

/s/ Marc J. Carmel Richard M. Cieri (NY RC 6062)

Citigroup Center 153 East 53rd Street New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900

-and-

David L. Eaton (IL 3122303) Ray C. Schrock (IL 6257005) Marc J. Carmel (IL 6272032) 200 East Randolph Drive Chicago, Illinois 60601 Telephone: (312) 861-2000 Facsimile: (312) 861-2200

-and-

CARSON FISCHER, P.L.C. Joseph M. Fischer (P13452) 300 East Maple Road, Third Floor Birmingham, Michigan 48009 Telephone: (248) 644-4840 Facsimile: (248) 644-1832 Co-Counsel for the Debtors

K&E 10811762.7

EXHIBIT A

K&E 10811762.7


SOUTHERN DIVISION

In re: ) Chapter 11 ) COLLINS & AIKMAN CORPORATION, et al.1 ) Case No. 05-55927 (SWR) ) (Jointly Administered) Debtors. ) ) (Tax Identification #13-3489233) ) ) Honorable Steven W. Rhodes

ORDER APPROVING THE STIPULATION REGARDING ADEQUATE PROTECTION OF ALLEGED SECURED CLAIM OF MAYER TEXTILE MACHINE

CORPORATION

Upon the motion (the “Motion”)2 of the above-captioned debtors (collectively,

the “Debtors”) for an order approving the stipulation regarding adequate protection of alleged

secured claim of Mayer Textile Machine Corporation; it appearing that the relief requested is in

the best interest of the Debtors’ estates, their creditors and other parties in interest; it appearing

that the Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334; it



2 Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Motion.

2 K&E 10811762.7

appearing that this proceeding is a core proceeding pursuant to 28 U.S.C. § 157(b)(2); it

appearing that venue of this proceeding and this Motion in this District is proper pursuant to 28

U.S.C. §§ 1408 and 1409; notice of this Motion and the opportunity for a hearing on this Motion

was appropriate under the particular circumstances and that no other or further notice need by

given; and after due deliberation and sufficient cause appearing therefor, it is hereby ORDERED

1. The Motion is granted in its entirety.

2. The Stipulation is approved.

3. The Debtors are authorized to take all actions necessary to effectuate the

relief granted pursuant to this Order in accordance with the Motion.

4. The terms and conditions of this Order shall be immediately effective and

enforceable upon its entry.

5. The Court retains jurisdiction with respect to all matters arising from or

related to the implementation of this Order.

Dated: __________________, 2005 United States Bankruptcy Judge

K&E 10811762.7


SOUTHERN DIVISION

In re: ) Chapter 11 )

COLLINS & AIKMAN CORPORATION, et al.1 ) Case No. 05-55927 (SWR) ) (Jointly Administered) Debtors. ) ) (Tax Identification #13-3489233) ) ) Honorable Steven W. Rhodes

NOTICE AND OPPORTUNITY TO RESPOND TO THE DEBTORS’ MOTION FOR AN ORDER APPROVING THE STIPULATION REGARDING ADEQUATE

PROTECTION OF ALLEGED SECURED CLAIM OF MAYER TEXTILE MACHINE CORPORATION

PLEASE TAKE NOTICE THAT the above-captioned debtors (collectively,

the “Debtors”) have filed their Motion for an Order Approving the Stipulation Regarding

Adequate Protection of Alleged Secured Claim of Mayer Textile Machine Corporation

(the “Motion”).



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PLEASE TAKE FURTHER NOTICE THAT your rights may be affected. You may

wish to review the Motion and discuss it with your attorney, if you have one in these cases.

(If you do not have an attorney, you may wish to consult one.)

PLEASE TAKE FURTHER NOTICE THAT in accordance with the First Amended

Notice, Case Management and Administrative Procedures filed on June 9, 2005

[Docket No. 294] (the “Case Management Procedures”), if you wish to object to the Court

granting the relief sought in the Motion, or if you want the Court to otherwise consider your

views on the Motion, no later than December 1, 2005 at 4:00 p.m. prevailing Eastern Time, or

such shorter time as the Court may hereafter order and of which you may receive

subsequent notice, you or your attorney must file with the Court a written response, explaining

your position at:2

United States Bankruptcy Court 211 West Fort Street, Suite 2100

Detroit, Michigan 48226

PLEASE TAKE FURTHER NOTICE THAT if you mail your response to the Court for

filing, you must mail it early enough so the court will receive it on or before the date above.

2 Response or answer must comply with Rule 8(b), (c) and (e) of the Federal Rules of Civil Procedure.

3 K&E 10811762.7

PLEASE TAKE FURTHER NOTICE THAT you must also serve the documents so that

they are received on or before December 1, 2005 at 4:00 p.m. prevailing Eastern Time, in

accordance with the Case Management Procedures, including to:

Kirkland & Ellis LLP Attn: Richard M. Cieri

Citigroup Center 153 East 53rd Street

New York, NY 10022 Facsimile: (212) 446-4900

E-mail: [email protected]

-and-

Kirkland & Ellis LLP Attn: David L. Eaton Ray C. Schrock Marc J. Carmel

200 East Randolph Drive Chicago, Illinois 60601

Facsimile: (312) 861-2200 E-mail: [email protected]

[email protected] [email protected]

-and-

Carson Fischer, P.L.C. Attn: Joseph M. Fischer

300 East Maple Road, Third Floor Birmingham, Michigan 48009

Facsimile: (248) 644-1832 E-mail: [email protected]

PLEASE TAKE FURTHER NOTICE THAT if no responses to the Motion are timely

filed and served, the Court may grant the Motion and enter the order without a hearing as set

forth in Rule 9014-1 of the Local Rules for the United States Bankruptcy Court for the Eastern

District of Michigan.

4 K&E 10811762.7

Dated: November 16, 2005 KIRKLAND & ELLIS LLP

/s/ Marc J. Carmel Richard M. Cieri (NY RC 6062)

Citigroup Center 153 East 53rd Street New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900

-and-

David L. Eaton (IL 3122303) Ray C. Schrock (IL 6257005) Marc J. Carmel (IL 6272032) 200 East Randolph Drive Chicago, Illinois 60601 Telephone: (312) 861-2000 Facsimile: (312) 861-2200

-and-


K&E 10811762.7

CERTIFICATE OF SERVICE

I, Marc J. Carmel, an attorney, certify that on the 16th day of November, 2005, I caused to be served, by e-mail (to parties who have provided a valid e-mail address), facsimile (to parties who have not provided a valid e-mail address) and by overnight delivery (to all parties who have not provided a valid e-mail address or a valid facsimile number), a true and correct copy of the foregoing Debtors’ Motion for an Order Approving the Stipulation Regarding Adequate Protection of Alleged Secured Claim of Mayer Textile Machine Corporation on the parties on the attached service list.

Dated: November 16, 2005

/s/ Marc J. Carmel Marc J. Carmel

Served via FedEx Overnight

CREDITOR NAME CREDITOR NOTICE NAME ADDRESS1 ADDRESS2 CITY STATE ZIPAkin Gump Strauss Hauer & Feld LLP Michael S Stamer Philip C Dublin 590 Madison Ave New York NY 10022Butzel Long PC Thomas B Radom 100 Bloomfield Hills Pkwy Ste 100 Bloomfield Hills MI 48304Dykema Gossett PLLC Ronald Rose & Brendan Best 400 Renaissance Center Detroit MI 48243Latham & Watkins LLP David Heller Josef Athanas & Danielle Kemp Sears Tower Ste 5800 233 S Wacker Dr Chicago IL 60606Simpson Thacher & Bartlett LLP Peter Pantaleo Erin Casey & Alice Eaton 425 Lexington Ave New York NY 10017-3954Stephen E Spence US Trustee 211 W Fort St Ste 700 Detroit MI 48226Wachtell Lipton Rosen & Katz Hal Novikoff 51 W 52nd St New York NY 10019

In re: Collins & Aikman Corp., et al.Case No. 05-55927 (SWR) Page 1 of 1

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Bailey & Cavalieri LLC Adam J Biehl & Yvette A [email protected]@baileycavalieri.com

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EXHIBIT B

K&E 10777145.7


SOUTHERN DIVISION

In re: ) Chapter 11 ) COLLINS & AIKMAN CORPORATION, et al.1 ) Case No. 05-55927 (SWR) ) (Jointly Administered) Debtors. ) ) (Tax Identification #13-3489233) ) ) Honorable Steven W. Rhodes

STIPULATION BETWEEN THE DEBTORS AND MAYER TEXTILE MACHINE CORPORATION REGARDING ADEQUATE PROTECTION OF ALLEGED SECURED

CLAIM

This Stipulation regarding adequate protection of alleged secured claim is made as of

November __, 2005 by and among the above captioned debtors (collectively, the Debtors) and

Mayer Textile Machine Corporation (“Mayer”).

The parties hereby stipulate to the following facts:

A. On November 11, 2004, the Debtors and Mayer entered into Contract No. 3564

and related documents (as superseded and replaced by a contract dated January 31, 2005, the



2 K&E 10777145.7

“First Contract”) for the sale and purchase of two high speed Tricot compound needle warp

knitting machines and related equipment for a total purchase price of $373,388.00.

B. Before the Petition Date (as defined below), the Debtors paid $174,247.74 to

Mayer pursuant to the terms of the First Contract.

C. Mayer alleges that it holds valid, perfected purchase money security interests in

the equipment that is the subject of the First Contract (the “First Contract Collateral”) securing a

claim on account of the total amount of unpaid payments called for in the First Contract. Mayer

alleges that as of October 31, 2005, its claim for amounts due under the First Contract totaled

$205,942.92.

D. On November 11, 2004, the Debtors and Mayer entered into Contract No. 3565

and related documents (as superseded and replaced by a contract dated January 31, 2005, the

“Second Contract,” together with the First Contract, the “Contracts”) for the sale and purchase of

fourteen high speed Tricot compound needle warp knitting machines and related equipment for a

total purchase price of $2,304,410.00.

E. Before the Petition Date, the Debtors paid $766,370.00 to Mayer pursuant to the

terms of the Second Contract.

F. Mayer alleges that it holds valid, perfected purchase money security interests in

the equipment that is the subject of the Second Contract (the “Second Contract Collateral,”

together with the First Contract Collateral, the “Collateral”) securing a claim on account of the

total amount of unpaid payments called for in the Second Contract. Mayer alleges that as of

October 31, 2005, its claim for amounts due under the First Contract totaled $1,598,827.62.

3 K&E 10777145.7

G. On May 17, 2005 (the “Petition Date”), the Debtors filed petitions for relief under

chapter 11 of the Bankruptcy Code, 11 U.S.C. §§ 101-1330 (the “Bankruptcy Code), in the

United States Bankruptcy Court for the Eastern District of Michigan.

H. The Debtor asserts that pursuant to section 362 of the Bankruptcy Code, 11

U.S.C. § 362, the Debtors are prohibited from paying Mayer any payments under the Contracts

without further order of the Court.

I. Mayer asserts that the Debtors have defaulted under the terms of the First

Contract and Second Contract.

J. Pursuant to section 361 of the Bankruptcy Code, 11 U.S.C. § 361, Mayer seeks

adequate protection to protect its alleged interest in the Collateral from decreasing in value from

the Debtors’ continued use of such Collateral, and the Debtors have agreed to afford adequate

protection pursuant to the terms of the Stipulation.

NOW, THEREFORE, in consideration of the mutual promises contained herein and for

other good and valuable consideration, including the parties’ desire to forego the costs and

uncertainty of litigation, the receipt and sufficiency of which is hereby acknowledged, it is

hereby stipulated and agreed to by and between the Debtors and Mayer, as follows:

1. The Debtors will pay Mayer six monthly adequate protection payments each

month for six successive months, each in the amount of $20,000 (each, a “Payment”), with the

first such payment due ten days after entry of an order approving the Stipulation, the second such

Payment no later than December 15, 2005, and future Payments by no later than the fifteenth day

of the ensuing four months thereafter.

4 K&E 10777145.7

2. Subject to paragraph 7 of this Stipulation, of each Payment, (a) $2,500 will reduce

the outstanding principal under the First Contract and (b) $17,500 will reduce the outstanding

principal under the Second Contract.

3. This Stipulation is without prejudice to the rights of Mayer to make additional

requests for adequate protection after the Debtors make the last Payment and the Debtors or any

other party in interest to object to such requests. The parties shall use reasonable efforts to reach

an agreement on or before the date of the last Payment regarding another adequate protection

stipulation.

4. The Debtors are authorized to take all actions necessary to effectuate the relief

granted pursuant to the Stipulation.

5. The terms and conditions of this Stipulation shall be immediately effective and

enforceable upon its entry.

6. The Court retains jurisdiction with respect to all matters arising from or related to

the implementation of this Stipulation.

5 K&E 10777145.7

7. Nothing contained herein shall be deemed (a) to bind Mayer to the terms of any

reorganization plan, (b) an acknowledgment of the sufficiency of the adequate protection being

afforded to Mayer, (c) an acknowledgment of the value of the First Contract Collateral and the

Second Contract Collateral or of the validity, extent or priority of any interest of Mayer therein,

or (d) a waiver of Mayer’s rights under Sections 506(b) and 507(b) of the Bankruptcy Code and

the Debtors or any other party in interest with respect thereto.

KIRKLAND & ELLIS LLP _____________________________________ Richard M. Cieri (NY RC 6062) Citigroup Center 153 East 53rd Street New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 -and-

COLE, SCHOTZ, MEISEL, FORMAN & LEONARD, P.A. _____________________________________ Stuart Komrower Court Plaza North 25 Main Street P.O. Box 800 Hackensack, New Jersey 07602 Telephone: (201) 489-3000 Counsel for Mayer Textile Machine Corporation

David L. Eaton (IL 3122303) Ray C. Schrock (IL 6257005) Marc J. Carmel (IL 6272032) 200 East Randolph Drive Chicago, Illinois 60601 Telephone: (312) 861-2000 Facsimile: (312) 861-2200 -and-


IN THE UNITED STATES BANKRUPTCY COURT EASTERN …€¦ · speed Tricot compound needle warp...

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