In re Citation Corporation

United States Bankruptcy Court, N.D. Alabama, Southern DivisionJan 12, 2005
Case No. 04-08130-TOM-11. (Bankr. N.D. Ala. Jan. 12, 2005)

Case No. 04-08130-TOM-11.

January 12, 2005.



ORDER APPROVING COMPROMISE BETWEEN DEBTORS AND EPP-MAR METAL CO.


This matter came before the Court on the motion (the "Motion") of Citation Corporation ("Citation"), its holding company, and certain of its direct and indirect subsidiaries (the "Subsidiaries"), as debtors and debtors in possession (collectively, the "Debtors"), for authorization to enter into a settlement agreement with Epp-Mar Metal Co. ("Epp-Mar") pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules"). The Court has jurisdiction to consider the Motion and the relief requested therein under 28 U.S.C. §§ 157 and 1334, and finds that due notice of the Motion has been provided to all parties on the Master Service List and counsel for Epp-Mar, and that under the circumstances no other or further notice need be provided. A hearing on the Motion was held on January 10, 2005, at which time all parties in interest had the opportunity to be heard. Upon consideration of the Motion, arguments made at the hearing, and the entire record, the Court has determined that the relief sought in the Motion is in the best interests of the Debtors, their creditors, and their estates. Therefore, it is hereby

ORDERED that the Motion is GRANTED; and it is further

ORDERED that the terms of the Settlement Agreement between the Debtors and Epp-Mar are approved; and it is further

ORDERED that pursuant to the terms of the Settlement Agreement, the Debtors shall make a payment of $370,083.19 to Epp-Mar not later than fifteen (15) days after the entry of this Order; and it is further

ORDERED that Citation's payment to Epp-Mar of $370,083.19 shall be deemed to be a payment on a "Critical Vendor Claim" for purposes of this Court's Order Pursuant to 11 U.S.C. §§ 105(a) and 363(b) Authorizing Payment of Pre-Petition Claims of Certain Critical Trade Vendors (the "Critical Vendor Order") and such payment shall count towards the $20 million cap on payments that may be made on "Critical Vendor Claims" as if such payment were made pursuant to the Critical Vendor Order.