According to the U.S. Bankruptcy Court docket, the Court approved Midway Gold’s motion for an order authorizing a settlement agreement between MDW Pan and Eastern Nevada Landscape Coalition (ENLC).
As previously reported, “Under the terms of the Settlement Agreement, ENLC would deliver the Report to Pan within five business days of the Effective Date. In addition, ENLC would have an allowed general unsecured claim against Pan in the amount of $26,490.93, which is 70% of the Scheduled Claim, and an administrative expense claim against Pan in the amount of $14,768.48, which is 100% of the Administrative Claim. After delivery of the Report and within fourteen days of receiving the Report, Pan would pay to ENLC $41,259.41 (the ‘Settlement Payment’) in full satisfaction of any and all other liabilities and amounts outstanding to ENLC….The Settlement Agreement is reasonable, in the best interest of the estates under the Kaiser Steel test and was negotiated at arm’s-length and in good faith.”
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