Order Approving Modification of Fourth Amended Joint Plan of Reorganization and Settlement with Thomas Hardy (Loewen Group International, Inc.)

Summary

This order from the U.S. Bankruptcy Court approves a settlement between Loewen Group International, Inc. (and related debtors) and Thomas Hardy. Hardy agrees to withdraw his objections and support the reorganization plan in exchange for 11,648 shares of new common stock and a $2,000,000 payment. The plan is modified to reflect these terms, including a reduction in shares allocated to a specific class. The court finds the settlement fair and confirms it does not negatively affect other creditors or equity holders.

EX-2.4 6 d92756ex2-4.txt ORDER APPROVING MODIFICATION OF 4TH AMENDED PLAN EXHIBIT 2.4 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE IN RE: : : JOINTLY ADMINISTERED LOEWEN GROUP INTERNATIONAL, : CASE NO. 99-1244 (PJW) INC., A DELAWARE CORPORATION, ET AL., : : CHAPTER 11 DEBTORS. : ORDER APPROVING MODIFICATION OF FOURTH AMENDED JOINT PLAN OF REORGANIZATION OF LOEWEN GROUP INTERNATIONAL, INC., ITS PARENT CORPORATION AND CERTAIN OF THEIR DEBTOR SUBSIDIARIES AND COMPROMISE AND SETTLEMENT OF CLAIMS FILED BY THOMAS HARDY This matter coming before the Court at the hearing on confirmation of the Fourth Amended Joint Plan of Reorganization of Loewen Group International, Inc., Its Parent Corporation and Certain of Their Debtor Subsidiaries (the "Plan"), the above-captioned debtors and debtors-in-possession (collectively, the "Debtors") and Thomas Hardy ("Hardy") having advised the Court that they have agreed to resolve Hardy's objection to confirmation of the Plan and all of Hardy's claims filed against the Debtors by modifying the Plan on the terms set forth on Exhibit A attached hereto; the Court finding that (a) the Court has jurisdiction over this matter pursuant to 28 U.S.C. Sections 157 and 1334, (b) this is a core proceeding pursuant to 28 U.S.C. Section 157(b)(2), (c) the terms of the compromise and settlement with Hardy (the "Hardy Settlement") are fair and reasonable and in the best interests of the Debtors' estates and creditors and (d) the proposed modification of the Plan (the "Modification") does not adversely change the treatment under the Plan of the claim of any creditor against, or the interest of any equity security holder in, the Debtors; and the Court having determined that just cause exists for the relief granted herein; 1 IT IS HEREBY ORDERED THAT the terms of the Hardy Settlement and the Modification are approved. Date: Nov. 29, 2001 /s/ PETER J. WALSH ------------------------------------ UNITED STATES BANKRUPTCY JUDGE 2 EXHIBIT A HARDY SETTLEMENT 1. Subject to the approval by the Bankruptcy Court of this agreement as an approved modification of the Fourth Amended Joint Plan of Reorganization (the "Plan"), Hardy will withdraw his confirmation objections and will be deemed to have changed his votes in favor of the Plan. All of Hardy's claims are settled hereby. 2. The Plan with respect to Loewen Life Insurance Group, Inc. will be modified to provide for the issuance to Hardy of 11,648 shares of New Common Stock and the payment to Hardy of $2,000,000 on the later of the Effective Date or January 1, 2002. The Plan will be further modified so that the number of shares allocated to Division C of Class 11 will be reduced by 128,130 shares.