I think when the judge signs off on the bankruptcy.
1.38 Effective Date means the first Business Day on which the conditions to
effectiveness of the Plan set forth in Article XI have been satisfied or waived and on which the
Plan shall become effective with respect to a Debtor.
Effectiveness of the Plan
11.1 Conditions Precedent to the Confirmation of the Plan. A condition precedent to
the confirmation of each Plan is that the Bankruptcy Court shall have entered a Confirmation
Order with respect to such Plan in form and substance satisfactory to the respective Debtor and
the Creditors’ Committee.
11.2 Conditions Precedent to the Effective Date of the Plan. The following are
conditions precedent to the Effective Date of the Plan with respect to each Debtor:
(a) The Confirmation Order, in form and substance acceptable to the Debtors
and the Creditors’ Committee, shall have been entered;
(b) All actions and all agreements, instruments or other documents necessary to
implement the terms and provisions of the Plan are effected or executed and delivered, as
applicable, in form and substance satisfactory to the Debtors;
(c) All authorizations, consents and regulatory approvals, if any, required by the
Debtors in connection with the consummation of the Plan are obtained and not revoked; and
(d) the certificate of incorporation and by-laws of the Debtors shall have been
amended to the extent necessary to effectuate the Plan.
11.3 Waiver of Conditions. Notwithstanding the foregoing, each Debtor reserves its
right, upon obtaining the consent of the Creditors’ Committee, to waive the occurrence of the
conditions precedent to the Effective Date set forth in Section 11.2 of the Plan other than Section
11.2(a) of the Plan. Any such waiver may be effected at any time, without notice, without leave
or order of the Bankruptcy Court, and without any formal action other than proceeding to
consummate the Plan. Any actions required to be taken on the Effective Date shall take place
and shall be deemed to have occurred simultaneously, and no such action shall be deemed to
have occurred prior to the taking of any other such action. If any of the Debtors decide, after
consultation with the Creditors’ Committee, that one of the conditions precedent to the Effective
Date of its Plan cannot be satisfied and the occurrence of such condition is not waived or cannot
be waived, then the Debtor shall file a notice of the inability to satisfy such condition prior to the
Effective Date with the Bankruptcy Court
