The U.S. Bankruptcy Court issued an order approving Horsehead Holding’s compromise of controversy with U.S. Bank in its capacity as trustee and collateral agent, the indenture trustee, the ad hoc secured noteholders’ committee of 10 1/2% Senior Secured Notes due 2017 and First American Title Insurance Company.
As previously reported, “The Settlement Agreement, inter alia, provides for the payment of $3,000,000 by First American to an account designated by the Debtors on account of claims held by the Indenture Trustee relating to the Debtors’ zinc production facility in Mooresboro, North Carolina….The primary terms of the Settlement Agreement are: Within 2 business days after the occurrence of the Payment Date, First American shall transfer cash via wire transfer in the amount of $3,000,000 to an escrow account maintained by a third-party escrow agent acceptable to the Parties, subject to the terms of an escrow agreement reasonably acceptable to the Parties to effectuate the transactions contemplated by the Settlement Agreement.”
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