New Century Energy Corp (NCRE)

[feinanddandy]

On September 29, 2008, the Bankruptcy Court, approved the Stipulated Final Order Authorizing Use of Cash Collateral (the "Cash Collateral Order") for the period of July 28, 2008, the date the Company commenced its Chapter 11 cases (the "Petition Date"), to January 23, 2009 (the "Cash Collateral Use Period"), unless this Cash Collateral Use Period is terminated earlier pursuant to the terms of the Cash Collateral Order. Under this Cash Collateral Order, the Company is permitted to use cash collateral to pay the expenses set forth on the agreed budget through the period ending November 28, 2008 to pay the "Adequate Protection Payment" of $750,000 per month commencing September 15, 2008 and continuing during the term of the Cash Collateral Use Period to Laurus Master Fund Ltd. ("Laurus"). Commencing on September 15, 2008 and continuing during the term of the Cash Collateral Use Period. Also pursuant to the Cash Collateral Order, the Debtors committed to file a joint plan of reorganization on or before November 24, 2008. Laurus reserved the right to oppose the joint plan of reorganization on any grounds whatsoever.

Let's hope the reorganization let's them get back to business!