{"id":"court_ctb_3325_0","court":"CTB","case_no":"22-50073","doc_number":3325,"sub_number":0,"doc_type":"ORDER","filed_date":null,"title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION | -------------------------------------------","summary_zh":null,"summary_en":null,"body_en":"## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------x |             |                         |\n|---------------------------------------------------------|-------------|-------------------------|\n| In re:                                                  | :<br>:      | Chapter 11              |\n| HO WAN KWOK, et al.,1                                   | :<br>:<br>: | Case No. 22-50073 (JAM) |\n| Debtors.                                                | :<br>:      | (Jointly Administered)  |\n| ------------------------------------------------------x |             | RE: ECF No. 3259        |\n\n### **ORDER (I) AUTHORIZING CHAPTER 11 TRUSTEE, GENEVER US, AND GENEVER BVI TO ENTER INTO AMENDMENT TO DIP CREDIT AGREEMENT**\n\nUpon the motion (the \"Motion\"<sup>2</sup> ) of Genever Holdings LLC (\"Genever US\"), Genever Holdings Corporation (\"Genever BVI\") and Luc A. Despins, in his capacity as the chapter 11 trustee (the \"Trustee\") of Ho Wan Kwok (the \"Individual Debtor\"), debtors in these abovecaptioned jointly administered cases (the \"Chapter 11 Cases\"), seeking a final order (the \"DIP Order\") pursuant to sections 105(a), 362, 363, 364, 503, 506, and 507 of title 11 of the United States Code, (the \"Bankruptcy Code\"), Rules 2002, 4001, 6004, and 9014 of the Federal Rules of Bankruptcy Procedure (the \"Bankruptcy Rules\"), and Rule 4001-3 of the Local Rules of the United States Bankruptcy Court for the District of Connecticut (the \"Local Rules\"), authorizing Genever US and Genever BVI (together, the \"Genever Debtors\" or the \"DIP Borrowers\") and the estate of the Individual Debtor, through its representative (*i.e.*, the Trustee), to enter into the\n\n<sup>1</sup> The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles Kwok, as well as numerous other aliases) (last four digits of tax identification number: 9595), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\n<sup>2</sup> Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Motion or the Original DIP Order, as applicable.\n\nDIP Amendment to increase the maximum borrowing available under the DIP Facility from \\$2 million to \\$3 million.\n\nThe Court having reviewed the Motion and arguments made at the hearing held on July 16, 2024 (the \"Hearing\") to consider entry of this Order, and due and sufficient notice of the Hearing having been given in accordance with Bankruptcy Rules 2002, 4001, 6004, and 9014, and all applicable Local Rules; and the Hearing having been held and concluded; and no objections to the Motion having been filed; and the Court having determined that the legal and factual bases set forth in the Motion establish just cause for the relief granted herein; and that such relief is fair and reasonable and in the best interests of Movants, their estates, their creditors and all parties in interest, and is essential for the preservation of the value of the DIP Borrowers' estates; and it appearing that Movants' entry into the DIP Amendment is a sound and prudent exercise of the DIP Borrowers' and the Trustee's business judgment; and upon all of the proceedings had before this Court and after due deliberation and sufficient cause appearing therefor,\n\n# **THE COURT MAKES THE FOLLOWING FINDINGS OF FACT AND CONCLUSIONS OF LAW:**<sup>3</sup>\n\nA. *Jurisdiction and Venue*. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the *Standing Order of Reference* from the United States District Court for the District of Connecticut. This is a core proceeding within the meaning of 28 U.S.C. § 157(b). Venue in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409. The statutory\n\n<sup>3</sup> The findings and conclusions set forth herein constitute the Court's findings of fact and conclusions of law pursuant to Bankruptcy Rule 7052, made applicable to this proceeding pursuant to Bankruptcy Rule 9014.\n\nbases for the relief requested in this Motion are sections 105(a), 362, 363, 364, 503, 506, and 507 of the Bankruptcy Code, Bankruptcy Rules 2002, 4001, 6004, and 9014, and Local Rule 4001-3.\n\nB. *Notice*. The DIP Hearing was held pursuant to Bankruptcy Rules 4001(b)(2) and (c)(2). Proper, timely, adequate, and sufficient notice of the Motion and the DIP Hearing has been provided in accordance with Local Rule 4001-3(g)(7), and no other or further notice of the Motion or the entry of this DIP Order shall be required.\n\nC. *Original DIP Order.* By order, dated September 12, 2023 [Docket No. 2193] (the \"Original DIP Order\"), the Court authorized the DIP Borrowers to obtain financing from the Individual Debtor's chapter 11 estate (the \"DIP Lender\") under a non-priming secured debtor-inpossession credit facility in an aggregate principal amount of up to \\$2 million pursuant to the terms of the DIP financing credit agreement, dated as of August 23, 2024. Except to the extent modified by this Order, the Original DIP Order remains in full force and effect.\n\nD. *Findings Regarding the DIP Amendment.*\n\n(a) Cause Exists. Good and sufficient cause has been shown for the entry of this Order and for authorization of the DIP Borrowers to enter into and borrow under the Amended DIP Credit Agreement.\n\n(b) Need for DIP Financing. The DIP Borrowers have an immediate and critical need to incur the financing under the Amended DIP Agreement in order to permit, among other things, the funding of expenses of administering their chapter 11 cases and other necessary expenses, such as essential remediation repairs to the Apartment, U.S. Trustee Fees, and professional fees. The DIP Borrowers' access to sufficient liquidity through the incurrence of indebtedness under the Amended DIP Facility is necessary and vital for the preservation and maximization of the value of the DIP Borrowers' chapter 11 estates.\n\n(c) No Credit Available on More Favorable Terms. The Amended DIP Facility is the best source of debtor-in-possession financing reasonably available to the DIP Borrowers at this time. The DIP Borrowers have determined that the DIP Borrowers are unable to obtain adequate credit on more favorable terms than those provided under the DIP Facility.\n\n(d) Business Judgment and Entire Fairness. Based on the record established in the Motion and at the Hearing, the terms of the Amended DIP Agreement and the Amended DIP Facility (i) are in each case fair and reasonable, reflect the DIP Borrowers' and the Trustee's exercise of prudent business judgment consistent with their fiduciary duties, constitute reasonably equivalent value and fair consideration, and represent the best financing available and (ii) to the extent applicable, satisfy the entire fairness standard.\n\n(e) Good-Faith Lender. The DIP Amendment is the result of (i) the DIP Borrowers' reasonable and informed determination that the DIP Lender offered the most favorable terms on which to obtain critical postpetition financing and (ii) good-faith considerations by the DIP Borrowers and the Trustee acting as the representative of the Individual Debtor's estate. The terms and conditions of the Amended DIP Facility are reasonable and appropriate under the circumstances. Further, no consideration is being provided to any party to the Amended DIP Facility other than as described in the Motion. The DIP Loans and any obligations of the DIP Borrowers owing to the DIP Lender, in accordance with the terms of the Amended DIP Credit Agreement, have been extended by the DIP Lender in good faith, and in express reliance upon the protections offered by section 364(e) of the Bankruptcy Code. The DIP Lender (and any successors and assigns thereof) shall be entitled to the full protection of section 364(e) of the Bankruptcy Code in the event that this DIP Order or any provision hereof is vacated, reversed or modified, on appeal or otherwise.\n\n(f) Use of Proceeds of the Amended DIP Facility. The DIP Borrowers will use the proceeds of the Amended DIP Facility consistent with this Order and as provided in the Amended DIP Credit Agreement and only for purposes that are permissible under the Bankruptcy Code.\n\n(g) Section 506(c) of the Bankruptcy Code. The DIP Lender is entitled to a waiver of the provisions of section 506(c) of the Bankruptcy Code as provided herein.\n\n(h) Corporate Authority. The DIP Borrowers and the Trustee (acting as the representative of the DIP Lender) each have all requisite power and authority to execute and deliver the DIP Amendment to which it is a party and to perform its obligations thereunder, including without limitation, the incurrence of the DIP Loans and the pledge of applicable DIP Collateral.\n\n Based upon the foregoing findings and conclusions, the Motion and the record before the Court with respect to the Motion, and after due consideration and good and sufficient cause appearing therefor,\n\n#### **IT IS HEREBY ORDERED THAT:**\n\n1. *Disposition.* The relief requested in the Motion is granted on a final basis as set forth herein. Any objections to the Motion with respect to the entry of this Order that have not been withdrawn, waived or settled are hereby denied and overruled on the merits. This Order shall become effective immediately upon its entry.\n\n2. *Authorization of the Amended DIP Financing and the DIP Amendment.*\n\n(a) The Amended DIP Facility is hereby approved on a final basis as set forth herein. The Movants, by this Order, are authorized to execute, deliver, enter into and, as applicable, perform all of their obligations under the DIP Amendment and such other acts as may\n\nbe necessary, appropriate or desirable in connection therewith. The DIP Borrowers are hereby authorized to borrow money pursuant to the Amended DIP Credit Agreement, subject to any limitations therein, which shall be used for all purposes permitted by this Order and under the Amended DIP Credit Agreement and subject to the terms and conditions set forth herein and therein. The DIP Lender (acting through the Trustee) is authorized to make the advances described in the Amended DIP Credit Agreement directly to a payee or obligee of the DIP Borrowers, and any such advances will be considered advances under the Amended DIP Credit Agreement.\n\n(b) In furtherance of the foregoing and without further approval of this Court, the DIP Borrowers and the Trustee, acting as representative of the DIP Lender, are each authorized and directed to perform all acts, to make, execute and deliver all instruments, certificates, agreements, charges, deeds, and documents, and to pay the principal, interest, and other amounts described in the Amended DIP Credit Agreement as such amounts become due and payable in accordance with the terms and conditions of the Amended DIP Credit Agreement, and to take any other related actions that may be necessary, desirable or appropriate, all to the extent provided in this Order or the Amended DIP Credit Agreement.\n\n3. *Carve-Out.* The Carve-Out shall have the meaning set forth the Original DIP Order.\n\n4. *DIP Claim.* Pursuant to section 364(c)(1) of the Bankruptcy Code, the DIP Lender shall be granted an allowed senior secured superpriority administrative expense claim against each of the DIP Borrowers, on a sole and several basis, with priority over any and all other claims against the DIP Borrowers, now existing or hereafter arising, of any kind whatsoever, other than the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed, including, without limitation, all administrative expenses of the kind specified in\n\nsections 503(b) and 507(b) of the Bankruptcy Code and any and all administrative expenses or other claims arising under sections 105, 326, 327, 328, 330, 331, 365, 503(b), 506(c), 507(a), 507(b), 726, 1113 or 1114 of the Bankruptcy Code, whether or not such expenses or claims may become secured by a judgment lien or other non-consensual lien, levy or attachment, which allowed senior secured superpriority administrative expense claim (the \"DIP Claim\") shall for purposes of section 1129(a)(9)(A) of the Bankruptcy Code be considered administrative expenses allowed under section 503(b) of the Bankruptcy Code, and which DIP Claim shall be payable from and have first recourse to (i) the DIP Collateral and all proceeds thereof, subject only to payment of the Carve-Out and the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed and (ii) any other asset of the DIP Borrowers; *provided, however*, that the DIP Claim will not have first recourse to proceeds of any actions under sections 502(d), 544, 545, 547, 548, 551, 553(b), 732(2) or 742(2) of the Bankruptcy Code. For the avoidance of doubt, except for the Carve-Out and the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed, the DIP Claim shall not be made subject to or *pari passu* with any claim heretofore granted or hereinafter granted or created in the chapter 11 cases or any successor case or cases under the Bankruptcy Code (including, without limitation, any case under chapter 7 of the Bankruptcy Code), and such DIP Claim shall maintain its priority as provided herein until all obligations hereunder and under the Amended DIP Credit Agreement have been paid in full. The DIP Claim shall be entitled to the full protection of section 364(e) of\n\nthe Bankruptcy Code in the event that this DIP Order or any provision hereof is vacated, reversed or modified, on appeal or otherwise.\n\n5. *DIP Collateral*. DIP Collateral shall have the meanings set forth in, and shall include the property (and proceeds thereof) as set forth in, the Original DIP Order.\n\n6. *DIP Liens*. As security for the DIP Loans, and subject only to the Carve-Out, effective and automatically and properly perfected upon the date of the entry of this Order, and without the necessity of the execution, recordation, perfection, filings by the DIP Lender, or the possession or control by the DIP Lender of, or over, any DIP Collateral, the following valid, binding, continuing, enforceable and non-avoidable security interests and liens are hereby granted to the DIP Lender (all such liens and security interests the \"DIP Liens\").\n\n(a) Senior Liens. Pursuant to section 364(c)(2) of the Bankruptcy Code, a valid, binding, enforceable, fully-perfected first priority security interest in and lien upon the DIP Collateral that, on or as of the Petition Date, is not otherwise subject to a lien. For the avoidance of doubt:\n\n> 1. The Sherry Netherland First Lien and the Sherry Netherland's security interest in and first lien on the Cash Deposit (the \"Sherry Netherland Cash Deposit Lien\" and, together with the Sherry Netherland First Lien, the \"Sherry Netherland Senior Liens\") are valid and duly perfected and are senior to and have priority in all respects, including payment, to the security interests and liens granted to the DIP Lender with respect to DIP Collateral and the proceeds thereof.\n\n2. Subject to the Carve-Out, the DIP Lender shall have a first priority security interest in all DIP Collateral (other than the Coop Interest and the Cash Deposit) including, without limitation, the Borrowers' Litigation Claims (including the AIG Litigation) and Genever BVI's ownership interest in Genever US. Notwithstanding the foregoing, the Sherry Netherland shall have the right to assert solely an equitable lien in and over any proceeds of the AIG Litigation (but not any other Borrowers' Litigation Claim). If such equitable lien is asserted, the validity, enforceability, and priority of such asserted equitable lien will be determined by a court of competent jurisdiction (with the Movants believing that the Bankruptcy Court would have sole and exclusive jurisdiction and the Sherry Netherland reserving all rights) under applicable bankruptcy and non-bankruptcy law, and all parties' rights with respect thereto are preserved.\n\n(b) Liens Junior to Certain Other Liens. Pursuant to section 364(c)(3) of the Bankruptcy Code, a valid, binding, enforceable, fully-perfected junior security interest in and lien upon the DIP Collateral that (i) on or as of the Petition Date is subject to valid, perfected and unavoidable senior liens in existence immediately prior to the Petition Date or (ii) becomes subject to perfected liens as permitted by section 546(b) of the Bankruptcy Code. For the avoidance of doubt, the DIP Liens shall be junior to the Sherry Netherland Senior Liens.\n\n(c) No Cross-Collateralization. The DIP Liens granted in the property of each DIP Borrower will secure only the obligations of that borrower.\n\n(d) No Default Under Proprietary Lease. The Sherry Netherland shall not raise any argument, in connection with the Motion or otherwise, that Genever US defaulted under the Proprietary Lease by granting the security interests and liens described herein.\n\n7. The DIP Liens shall be entitled to the full protection of section 364(e) of the Bankruptcy Code in the event that any of the DIP Orders or any provision thereof is vacated, reversed or modified, on appeal or otherwise.\n\n8. *Protection of Rights under the Amended DIP Facility.* The automatic stay is hereby modified to the extent necessary to permit the DIP Borrowers and the Trustee, as representative of the DIP Lender, as applicable, to take any or all of the following actions, at the same or different time, in each case without further order or application of the Court: (i) file any financing statements, security agreements, notices of liens, and other similar instruments and documents in order to validate and perfect the liens and security interests granted herein; (ii) grant the DIP Liens and incur all liabilities and obligations set forth herein; and (iii) following a default, exercise all rights and remedies of the DIP Lender in accordance with the Amended DIP Credit Agreement. For the avoidance of doubt and as set forth in the Amended DIP Credit Agreement, the DIP Lender will not take any enforcement action whether by demand foreclosure or other enforcement action, to collect on any obligations arising under the Amended DIP Credit Agreement by realizing upon the whole or part of the Coop Interest or Cash Deposit unless and until there is full payment of the Allowed SN Senior Debt Claim and other SN Senior Debt to the extent allowed.\n\n### 9. *Preservation of Rights Granted Under the DIP Amendment Order.*\n\n(a) Other than the Carve-Out and as permitted in the Amended DIP Credit Agreement, no claim or lien having a priority superior to or *pari passu* with the DIP Claim or the\n\nDIP Lien shall be permitted while any of the DIP Loans remain outstanding and, except as otherwise expressly provided in this Order, the DIP Liens shall not be: (i) subject or junior to any lien or security interest that is avoided and preserved for the benefit of the DIP Borrowers' estates under section 551 of the Bankruptcy Code; or (ii) subordinated to or made *pari passu* with any other lien or security interest, whether under section 364(d) of the Bankruptcy Code or otherwise.\n\n(b) As used in this Order, the term \"Event of Default\" shall mean the existence of (i) any Event of Default (as defined in the Amended DIP Credit Agreement) or (ii) any material breach of any of the terms of this Order by the DIP Borrowers. Notwithstanding any order entered dismissing any of the Chapter 11 Cases under section 1112 of the Bankruptcy Code or otherwise: (i) the DIP Claims and the DIP Liens, and any claims related to the foregoing, shall continue in full force and effect and shall maintain their priorities until all DIP Loans shall have been paid in full (and that such DIP Claim and DIP Liens, shall, notwithstanding such dismissal, remain binding); (ii) the other rights granted by the DIP Order, including with respect to the Carve-Out, shall not be affected; and (iii) this Court shall retain jurisdiction, notwithstanding such dismissal, for the purposes of enforcing the claims, liens and security interests referred to in this paragraph and otherwise in this Order.\n\n(c) If any or all of the provisions of this Order are hereafter reversed, modified, vacated or stayed, the DIP Lender shall be entitled to all the rights, remedies, privileges and benefits granted in section 364(e) of the Bankruptcy Code, the DIP Order, and the DIP Credit Agreement with respect to the DIP Loans.\n\n(d) Except as expressly provided in this Order or in the Amended DIP Credit Agreement, the DIP Liens and the DIP Claim and all other rights and remedies of the DIP\n\nLender granted by the provisions of Amended DIP Credit Agreement shall survive, and shall not be modified, impaired or discharged by: (i) the entry of an order converting any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, dismissing any of the Chapter 11 Cases or terminating the joint administration of the Chapter 11 Cases or by any other act or omission; (ii) the entry of an order confirming a chapter 11 plan in any of the Chapter 11 Cases and, pursuant to section 1141(d)(4) of the Bankruptcy Code, the DIP Borrowers waive any discharge as to any remaining DIP Loans. The terms and provisions of the DIP Credit Agreement shall continue in these Chapter 11 Cases, in any successor cases if these Chapter 11 Cases cease to be jointly administered and in any superseding chapter 7 cases under the Bankruptcy Code, and the DIP Liens and the DIP Claim and all other rights and remedies of the DIP Lender, granted by the provisions of the DIP Credit Agreement shall continue in full force and effect until the DIP Loans are paid in full, as set forth herein and in the DIP Credit Agreement.\n\n10. *Loss or Damage to DIP Collateral*. Nothing in this Order, the Amended DIP Credit Agreement, or any other documents related to these transactions shall in any way be construed or interpreted to impose or allow the imposition upon the Trustee of any liability for any claims arising from the prepetition or postpetition activities of the DIP Lender or the DIP Borrowers in connection with their restructuring efforts.\n\n11. *Authority to Pay Certain Post-Petition Fees*. Genever US is authorized to agree to pay, and the DIP Lender, acting through and at the discretion of the Trustee is authorized to advance funds for the payment of, (i) reasonable post-petition fees of the Sherry Netherland's counsel and (ii) Genever US's professionals that have provided, or continue to provide, services to Genever US after the Venue Transfer Date. Prior to making payments under this paragraph,\n\nGenever US shall file a notice with the Court attaching the applicable invoices. Parties in interest will then have fourteen (14) days to object to such invoices. If no timely objections are filed with the Court, Genever US is authorized to pay such invoices without further Court order. If any timely objections are filed, (i) Genever US and the affected professional(s) may file a response to such objection(s) within seven (7) days thereafter and (ii) Genever US shall pay the portion of the fees and expenses that are not subject to such objection(s). To the extent that an objection cannot be consensually resolved among the parties, the Court will rule on the matter.\n\n12. *Postpetition Claims Under Proprietary Lease*. Nothing herein or in the Motion constitutes, or shall be construed as, a finding or waiver regarding the allowance or priority of any asserted postpetition amounts that have arisen, or may arise, under the Proprietary Lease and other corporate documents, including, without limitation, claims as a result of the fire in the Apartment, and all parties' rights with respect to such postpetition claims are fully preserved.\n\n13. *DIP Amendment Order Governs*. In the event of any inconsistency between the provisions of this Order, on the one hand, and the Amended DIP Credit Agreement or any other order entered by this Court, the provisions of this Order shall govern. Notwithstanding anything to the contrary in any other order entered by this Court, any payment made pursuant to and any authorization contained in any other order entered by this Court shall be consistent with and subject to the requirements set forth in this Order and the Amended DIP Credit Agreement.\n\n14. *Binding Effect; Successors and Assigns*. The Amended DIP Credit Agreement and the provisions of this Order, including all findings herein, shall be binding upon all parties in interest in the Chapter 11 Cases, including, without limitation, the DIP Borrowers, the Trustee, the DIP Lender, the Committee, any other statutory or non-statutory committees appointed or formed in the Chapter 11 Cases, and their respective successors and assigns.\n\n15. *No Waiver.* No delay or failure of the DIP Lender in the exercise of its rights and remedies under the Amended DIP Credit Agreement or this Order, as applicable, shall constitute a waiver, in whole or in part, of any of the DIP Lender's rights hereunder or otherwise.\n\n16. *Effectiveness*. This Order shall constitute findings of fact and conclusions of law and shall take effect and be fully enforceable immediately upon entry hereof. Notwithstanding Bankruptcy Rules 4001(a)(3), 6004(h), 6006(d), 7062, or 9014 of the Bankruptcy Rules or any Local Rule, or Rule 62(a) of the Federal Rules of Civil Procedure, this Order shall be immediately effective and enforceable upon its entry and there shall be no stay of execution or effectiveness of this Order.\n\n17. *Headings*. Section headings used herein are for convenience only and are not to affect the construction of or to be taken into consideration in interpreting this Order.\n\n18. *Bankruptcy Rules and Local Rules*. The requirements of Bankruptcy Rules 4001 and 6004, in each case to the extent applicable, are satisfied by the contents of the Motion. To the extent necessary, the requirements of Bankruptcy Rule 4001(b)(1)(B) and Local Rule 4001- 3(a), as it relates to the requirement that the Motion contain a concise statement of the material terms of the Amended DIP Credit Agreement is hereby waived.\n\n19. *No Third Party Rights*. Except as explicitly provided for herein, this Order does not create any rights for the benefit of any third party, creditor, or any direct, indirect or incidental beneficiary.\n\n20. *Necessary Action*. The DIP Borrowers, the Trustee, and the DIP Lender are authorized to take all actions as are necessary or appropriate to implement the terms of this Order.\n\n21. *Notice.* Within three (3) business days after entry of this Order, the DIP\n\nBorrowers shall serve copies of this Order on the parties having been given notice of the Hearing, to any party that has filed a request for notices with this Court, and to counsel for the Committee.\n\nDated at Bridgeport, Connecticut this 18th day of July, 2024.\n\n*Juli* **'L'Mr** *IN1.ning\\_ '/J11ite,{ S ptcy Judge 'lJistr t {cut*","body_zh":"United States Bankruptcy Court District of Connecticut Bridgeport Division（美国康涅狄格州联邦破产法院布里奇波特分院）\n\n关于：　:\n:　第11章\nHo Wan Kwok（郭文贵），等人，1　:\n:\n:　案件编号：22-50073 (JAM)\n债务人。　:\n:　（合并管理）\n------------------------------------------------------x　关于：ECF 编号 3259\n命令：（一）授权第11章受托人、Genever US 和 Genever BVI 签订 DIP 信贷协议修正案\n\n兹就 Genever Holdings LLC（Genever US）、Genever Holdings Corporation（Genever BVI）及 Luc A. Despins（卢克·A·德斯平斯）以 Ho Wan Kwok（以下简称“个人债务人”）第11章受托人（以下简称“受托人”）身份提出的动议（以下简称“本动议”）2；该等主体为上述合并管理案件（以下简称“第11章案件”）中的债务人，请求法院依据《美国法典》第11编（以下简称“破产法典”）第 105(a)、362、363、364、503、506 及 507 条、《联邦破产程序规则》（以下简称“破产程序规则”）第 2002、4001、6004 及 9014 条，以及《康涅狄格州联邦破产法院地方法规》（以下简称“地方法规”）第 4001-3 条，作出终局命令（以下简称“DIP 命令”），授权 Genever US 和 Genever BVI（合称“Genever 债务人”或“DIP 借款人”）以及个人债务人的破产财产（通过其代表人，即受托人）签订 DIP 修正案，将 DIP 融资机制下可获得的最高借款额由 \\$2 million 增加至 \\$3 million。\n\n1 本第11章案件中的债务人为 Ho Wan Kwok（亦称 Guo Wengui、Miles Guo 和 Miles Kwok，以及众多其他别名）（税务识别号码后四位：9595）、Genever Holdings LLC（税务识别号码后四位：8202）及 Genever Holdings Corporation。受托人、Genever Holdings LLC 和 Genever Holdings Corporation 的邮寄地址为：Paul Hastings LLP, 200 Park Avenue, New York, NY 10166，收件人：Luc A. Despins，作为 Ho Wan Kwok 破产财产的受托人（仅为通知和通信之目的）。\n\n2 本文中使用但未另行定义的首字母大写术语，应具有本动议或原 DIP 命令（视情况而定）中规定的含义。\n\n法院已审阅本动议及为审议作出本命令而于 July 16, 2024 举行的听证会（以下简称“听证会”）中提出的论点；且已根据破产程序规则第 2002、4001、6004 及 9014 条以及所有适用的地方法规，对听证会作出适当且充分的通知；且听证会已举行并结束；且无人就本动议提出异议；且法院认定，本动议所载的法律和事实依据确立了授予本文所述救济的正当理由；且该等救济公平、合理，符合动议人、其破产财产、其债权人及所有利害关系方的最佳利益，并且对于维护 DIP 借款人破产财产的价值至关重要；且显见动议人签订 DIP 修正案，是对 DIP 借款人及受托人商业判断的稳健且审慎的行使；并且基于本法院此前进行的所有程序，经适当审议且有充分理由，\n\n法院作出以下事实认定和法律结论：3\n\nA. 管辖权和审判地。法院依据 28 U.S.C. §§ 157 and 1334 及 United States District Court for the District of Connecticut（康涅狄格州联邦地区法院）的常设移送命令，对本事项具有管辖权。本案属于 28 U.S.C. § 157(b) 所规定的核心程序。依据 28 U.S.C. §§ 1408 and 1409，本区审判地适当。本动议所请求救济的法定依据为破产法典第 105(a)、362、363、364、503、506 及 507 条、破产程序规则第 2002、4001、6004 及 9014 条以及地方法规第 4001-3 条。\n\n3 本文所载的事实认定和法律结论构成法院依据破产程序规则第 7052 条作出的事实认定和法律结论，该条通过破产程序规则第 9014 条适用于本程序。\n\nB. 通知。DIP 听证会系依据破产程序规则第 4001(b)(2) 和 (c)(2) 条举行。已根据地方法规第 4001-3(g)(7) 条，就本动议和 DIP 听证会作出适当、及时、充分且足够的通知，无需就本动议或作出本 DIP 命令提供其他或进一步通知。\n\nC. 原 DIP 命令。根据日期为 September 12, 2023 的命令 [Docket No. 2193]（以下简称“原 DIP 命令”），法院授权 DIP 借款人根据日期为 August 23, 2024 的 DIP 融资信贷协议条款，从个人债务人的第11章破产财产（以下简称“DIP 贷款人”）获得最高本金总额为 \\$2 million 的非优先担保债务人占有融资机制下的融资。除经本命令修改的范围外，原 DIP 命令继续完全有效。\n\nD. 关于 DIP 修正案的认定。\n\n(a) 存在正当理由。已证明作出本命令并授权 DIP 借款人签订经修订的 DIP 信贷协议及据此借款，具有充分且适当的理由。\n\n(b) 对 DIP 融资的需要。DIP 借款人迫切且关键地需要承担经修订的 DIP 协议项下融资，以便包括但不限于支付管理其第11章案件的费用及其他必要开支，例如对该公寓进行必要的修复性维修、美国受托人费用及专业人员费用。DIP 借款人通过经修订的 DIP 融资机制项下举债取得充足流动性的能力，对于维护和最大化 DIP 借款人第11章破产财产的价值而言是必要且至关重要的。\n\n(c) 无法以更优惠条件获得信贷。经修订的 DIP 融资机制是目前 DIP 借款人可合理获得的最佳债务人占有融资来源。DIP 借款人已确定，DIP 借款人无法以比 DIP 融资机制所提供条件更优惠的条件获得足够信贷。\n\n(d) 商业判断和完全公平。根据本动议及听证会中形成的记录，经修订的 DIP 协议和经修订的 DIP 融资机制的条款：（i）在各方面均属公平合理，反映 DIP 借款人及受托人按照其受托义务对审慎商业判断的行使，构成合理等值的价值和公平对价，并代表可获得的最佳融资；以及（ii）在适用范围内，满足完全公平标准。\n\n(e) 善意贷款人。DIP 修正案是以下事项的结果：（i）DIP 借款人作出的合理且知情的判断，即 DIP 贷款人就取得关键的申请后融资提供了最优惠条件；以及（ii）DIP 借款人和作为个人债务人破产财产代表人的受托人所作的善意考量。经修订的 DIP 融资机制的条款和条件在该等情形下合理且适当。此外，除本动议所述外，未向经修订的 DIP 融资机制的任何一方提供任何对价。DIP 贷款及 DIP 借款人根据经修订的 DIP 信贷协议条款对 DIP 贷款人负有的任何义务，均由 DIP 贷款人善意提供，并明确依赖破产法典第 364(e) 条所提供的保护。若本 DIP 命令或其任何条款在上诉或其他情况下被撤销、推翻或修改，DIP 贷款人（及其任何继承人和受让人）均有权获得破产法典第 364(e) 条的全面保护。\n\n(f) 经修订的 DIP 融资机制所得款项的使用。DIP 借款人将按照本命令并依经修订的 DIP 信贷协议规定使用经修订的 DIP 融资机制所得款项，且仅用于破产法典允许的目的。\n\n(g) 破产法典第 506(c) 条。DIP 贷款人有权获得本文规定的对破产法典第 506(c) 条规定的豁免。\n\n(h) 公司授权。DIP 借款人和受托人（作为 DIP 贷款人的代表）均具有签署、交付其作为一方当事人的 DIP 修正案并履行其项下义务所需的一切权力和授权，包括但不限于承担 DIP 贷款及质押适用的 DIP 担保物。\n\n基于上述事实认定和法律结论、本动议以及法院就本动议掌握的记录，并经适当考虑且显有充分且适当的理由，\n\n特此命令如下：\n\n1. 处理。本动议所请求的救济，按本文规定以终局方式获准。就作出本命令而言，任何未被撤回、放弃或和解的对本动议提出的异议，特此按其实质理由予以驳回和否决。本命令于作出后立即生效。\n\n2. 授权经修订的 DIP 融资及 DIP 修正案。\n\n(a) 经修订的 DIP 融资机制特此按本文规定以终局方式获准。动议人根据本命令获授权签署、交付、订立并在适用范围内履行其在 DIP 修正案项下的一切义务，并实施与此相关的可能必要、适当或合宜的其他行为。DIP 借款人特此获授权根据经修订的 DIP 信贷协议借款，但须受其中任何限制约束；该等款项应依本命令和经修订的 DIP 信贷协议获准的一切用途使用，并受本文及其中规定的条款和条件约束。DIP 贷款人（通过受托人行事）获授权将经修订的 DIP 信贷协议中所述的垫款直接支付给 DIP 借款人的收款人或债权人，任何该等垫款均应被视为经修订的 DIP 信贷协议项下的垫款。\n\n(b) 为推进上述事项且无需本法院进一步批准，DIP 借款人和受托人（作为 DIP 贷款人的代表）各自获授权并被指示实施一切行为，制作、签署和交付一切文书、证明、协议、收费、契据和文件，并根据经修订的 DIP 信贷协议的条款和条件，于该等金额到期应付时支付其中所述的本金、利息和其他金额，以及采取可能必要、合宜或适当的任何其他相关行动，所有该等事项均应限于本命令或经修订的 DIP 信贷协议规定的范围内。\n\n3. 预留款。预留款应具有原 DIP 命令中规定的含义。\n\n4. DIP 债权。根据破产法典第 364(c)(1) 条，DIP 贷款人应获授对每一 DIP 借款人的获准优先担保超级优先行政费用债权，且各 DIP 借款人对此承担单独及连带责任；该债权优先于目前存在或今后产生的、针对 DIP 借款人的任何及所有其他任何种类的债权，但获准的 SN 高级债务债权及在获准范围内的其他 SN 高级债务除外，包括但不限于所有属于以下所规定种类的行政费用\n\n《破产法典》第503(b)和507(b)条以及根据《破产法典》第105、326、327、328、330、331、365、503(b)、506(c)、507(a)、507(b)、726、1113或1114条产生的任何及所有行政费用或其他债权，无论该等费用或债权是否可能因判决留置权或其他非合意留置权、征收或扣押而成为有担保债权，该获准的优先担保超级优先行政费用债权（“DIP债权”）就《破产法典》第1129(a)(9)(A)条而言，应被视为根据《破产法典》第503(b)条获准的行政费用，且该DIP债权应由以下财产支付并首先向其追索：(i) DIP担保品及其全部收益，但仅受Carve-Out和获准的SN优先债务债权及其他获准范围内的SN优先债务的支付所限制；及(ii) DIP借款人的任何其他资产；但前提是，DIP债权不得首先向根据《破产法典》第502(d)、544、545、547、548、551、553(b)、732(2)或742(2)条提起的任何诉讼的收益追索。为免生疑问，除Carve-Out和获准的SN优先债务债权及其他获准范围内的SN优先债务外，DIP债权不得从属于或与此前或此后在第11章案件或《破产法典》项下任何继受案件中（包括但不限于《破产法典》第7章项下的任何案件）获授或设立的任何债权同等顺位，且该DIP债权应维持本命令规定的优先顺位，直至本命令项下及经修订DIP信贷协议项下的所有义务均获得全额清偿。如本DIP命令或其任何条款在上诉或其他程序中被撤销、推翻或修改，DIP债权应有权获得《破产法典》第364(e)条的完全保护。\n\n5. DIP担保品。DIP担保品应具有原DIP命令中规定的含义，并应包括原DIP命令中规定的财产（及其收益）。\n\n6. DIP留置权。为担保DIP贷款，并且仅受Carve-Out限制，自本命令录入之日起生效并自动且适当地完善，无须DIP贷款人签署、登记、完善或提交文件，亦无须DIP贷款人占有或控制任何DIP担保品，下列有效、有约束力、持续、可执行且不可撤销的担保权益和留置权特此授予DIP贷款人（所有该等留置权和担保权益统称为“DIP留置权”）。\n\n(a) 优先留置权。根据《破产法典》第364(c)(2)条，对在申请日当日或截至申请日未以其他方式受留置权约束的DIP担保品享有有效、有约束力、可执行、已充分完善的第一优先顺位担保权益和留置权。为免生疑问：\n\n1. Sherry Netherland（谢里内瑟兰德）的第一留置权，以及Sherry Netherland对现金保证金享有的担保权益和第一留置权（“Sherry Netherland现金保证金留置权”，并与Sherry Netherland第一留置权合称为“Sherry Netherland优先留置权”）均为有效且已妥善完善，并且在各方面，包括支付方面，均优先于且具有高于就DIP担保品及其收益授予DIP贷款人的担保权益和留置权的优先顺位。\n\n2. 在受Carve-Out限制的前提下，DIP贷款人应对所有DIP担保品（Coop权益和现金保证金除外）享有第一优先顺位担保权益，包括但不限于借款人的诉讼债权（包括AIG诉讼）以及Genever BVI（杰内弗英属维尔京群岛）在Genever US（杰内弗美国）中的所有权权益。尽管有前述规定，Sherry Netherland有权仅就AIG诉讼的任何收益（但不包括借款人的任何其他诉讼债权）主张衡平留置权。如主张该衡平留置权，则该被主张衡平留置权的有效性、可执行性和优先顺位，应由具有管辖权的法院根据适用的破产法和非破产法确定（动议人认为破产法院将拥有唯一且专属的管辖权，而Sherry Netherland保留一切权利），且各方就此享有的权利均予保留。\n\n(b) 劣后于某些其他留置权的留置权。根据《破产法典》第364(c)(3)条，对以下DIP担保品享有有效、有约束力、可执行、已充分完善的劣后担保权益和留置权：(i) 在申请日当日或截至申请日，受紧接申请日前已存在的有效、已完善且不可撤销的优先留置权约束；或(ii) 根据《破产法典》第546(b)条获准而成为受已完善留置权约束。为免生疑问，DIP留置权应劣后于Sherry Netherland优先留置权。\n\n(c) 不得交叉担保。就每一DIP借款人财产授予的DIP留置权，仅担保该借款人的义务。\n\n(d) Proprietary Lease（专有租赁协议）项下不构成违约。Sherry Netherland不得就本动议或其他事宜提出任何论点，主张Genever US因授予本命令所述担保权益和留置权而违反Proprietary Lease。\n\n7. 如任何DIP命令或其任何条款在上诉或其他程序中被撤销、推翻或修改，DIP留置权应有权获得《破产法典》第364(e)条的完全保护。\n\n8. 经修订DIP融资安排项下权利的保护。自动中止特此在必要范围内予以修改，以允许DIP借款人及作为DIP贷款人代表的受托人（视情况而定）在无需本院进一步命令或申请的情况下，同时或于不同时间采取以下任何或全部行动：(i) 提交任何融资声明、担保协议、留置权通知及其他类似文书和文件，以使本命令项下授予的留置权和担保权益有效并获得完善；(ii) 授予DIP留置权并承担本命令所列一切责任和义务；及(iii) 在发生违约后，根据经修订DIP信贷协议行使DIP贷款人的一切权利和救济。为免生疑问，且如经修订DIP信贷协议所规定，除非及直至获准的SN优先债务债权及其他获准范围内的SN优先债务获得全额清偿，DIP贷款人不得通过要求止赎或其他执行行动，就经修订DIP信贷协议项下产生的任何义务，以实现Coop权益或现金保证金的全部或部分价值的方式采取任何执行行动。\n\n9. 保留DIP修订命令项下授予的权利。\n\n(a) 除Carve-Out及经修订DIP信贷协议所允许者外，在任何DIP贷款尚未偿还期间，不得允许任何优先于或与DIP债权或DIP留置权同等顺位的债权或留置权；除非本命令另有明确规定，DIP留置权不得：(i) 受制于或劣后于根据《破产法典》第551条被撤销并为DIP借款人财产利益而保留的任何留置权或担保权益；或(ii) 无论根据《破产法典》第364(d)条或其他规定，从属于或与任何其他留置权或担保权益同等顺位。\n\n(b) 本命令中，“违约事件”一词系指存在：(i) 任何违约事件（定义见经修订DIP信贷协议）；或(ii) DIP借款人对本命令任何条款的任何重大违反。尽管根据《破产法典》第1112条或其他规定录入任何驳回任何第11章案件的命令：(i) DIP债权和DIP留置权，以及与前述事项有关的任何债权，应持续完全有效并维持其优先顺位，直至所有DIP贷款均已全额清偿（且该DIP债权和DIP留置权尽管有该等驳回，仍具有约束力）；(ii) DIP命令授予的其他权利，包括有关Carve-Out的权利，不受影响；及(iii) 尽管有该等驳回，本院仍保留管辖权，以执行本款及本命令其他部分所述的债权、留置权和担保权益。\n\n(c) 如本命令的任何或全部条款此后被推翻、修改、撤销或中止，DIP贷款人应有权获得《破产法典》第364(e)条、DIP命令及DIP信贷协议就DIP贷款授予的一切权利、救济、特权和利益。\n\n(d) 除本命令或经修订DIP信贷协议另有明确规定外，经修订DIP信贷协议条款授予DIP贷款人的DIP留置权、DIP债权以及一切其他权利和救济应继续有效，且不得因以下事项而被修改、减损或解除：(i) 录入将任何第11章案件转换为《破产法典》第7章项下案件、驳回任何第11章案件或终止第11章案件合并管理的命令，或任何其他作为或不作为；(ii) 在任何第11章案件中录入确认第11章计划的命令，并且根据《破产法典》第1141(d)(4)条，DIP借款人放弃就任何尚未偿还的DIP贷款获得任何解除。DIP信贷协议的条款和规定应继续适用于这些第11章案件、如这些第11章案件不再合并管理时的任何继受案件，以及《破产法典》项下任何替代的第7章案件；DIP信贷协议条款授予DIP贷款人的DIP留置权、DIP债权以及一切其他权利和救济，应如本命令及DIP信贷协议所规定，持续完全有效，直至DIP贷款获得全额清偿。\n\n10. DIP担保品的灭失或损害。本命令、经修订DIP信贷协议或与该等交易有关的任何其他文件中的任何内容，均不得以任何方式解释或理解为，就DIP贷款人或DIP借款人与其重组工作有关的申请前或申请后活动产生的任何债权，向受托人施加或允许施加任何责任。\n\n11. 支付某些申请后费用的授权。授权Genever US同意支付，并授权DIP贷款人通过受托人并由其酌情垫付资金，用于支付：(i) Sherry Netherland律师的合理申请后费用；及(ii) 在Venue Transfer Date（审判地移送日期）之后已向或继续向Genever US提供服务的Genever US专业人士的费用。在根据本款付款之前，Genever US应向本院提交附具适用发票的通知。利害关系方随后有十四（14）日时间对该等发票提出异议。如未及时向本院提出异议，授权Genever US无需本院进一步命令即可支付该等发票。如及时提出任何异议，(i) Genever US和受影响的专业人士可在其后七（7）日内就该等异议提交答复；及(ii) Genever US应支付不受该等异议约束的费用和开支部分。如各方无法通过协商解决异议，本院将对此作出裁决。\n\n12. 专有租赁契约项下的申请后请求权。本裁定或本动议中的任何内容均不构成，亦不得被解释为，就专有租赁契约及其他公司文件项下已经产生或可能产生的任何所主张申请后款项的准许或优先顺位作出认定或放弃，包括但不限于因该公寓内火灾而产生的请求权；各方就该等申请后请求权所享有的一切权利均得到充分保留。\n\n13. 经修订的DIP信贷协议裁定具有优先效力。如本裁定的规定与经修订的DIP信贷协议或本法院作出的任何其他裁定之间存在任何不一致之处，本裁定的规定应具有优先效力。尽管本法院作出的任何其他裁定中有任何相反规定，根据本法院作出的任何其他裁定所作出的任何付款及其中包含的任何授权，均应与本裁定及经修订的DIP信贷协议所规定的要求一致，并受其约束。\n\n14. 约束效力；继承人及受让人。经修订的DIP信贷协议及本裁定的规定，包括本裁定中的所有认定，对第11章案件中的所有利害关系方均具有约束力，包括但不限于DIP借款人、受托人、DIP贷款人、委员会、在第11章案件中获任命或组成的任何其他法定或非法定委员会，以及其各自的继承人和受让人。\n\n15. 不放弃权利。视具体情况而定，DIP贷款人延迟或未能行使其在经修订的DIP信贷协议或本裁定项下的权利和救济，不构成对DIP贷款人依据本裁定或其他规定所享有任何权利的全部或部分放弃。\n\n16. 生效。本裁定构成事实认定和法律结论，并应于本裁定录入后立即生效并可完全执行。尽管《破产规则》4001(a)(3)、6004(h)、6006(d)、7062或9014，或任何地方法规，或《联邦民事诉讼规则》第62(a)条另有规定，本裁定应于录入后立即生效并可执行，且本裁定的执行或生效不应中止。\n\n17. 标题。本裁定中使用的章节标题仅为便利之用，不得影响本裁定的解释，亦不得在解释本裁定时予以考虑。\n\n18. 破产规则和地方法规。《破产规则》4001和6004的要求，在各自适用的范围内，均已由本动议的内容满足。在必要范围内，现放弃《破产规则》4001(b)(1)(B)和地方法规4001-3(a)的要求，后者涉及本动议必须载有经修订的DIP信贷协议重要条款简明陈述的要求。\n\n19. 无第三方权利。除非本裁定明确规定，本裁定不为任何第三方、债权人或任何直接、间接或附带受益人创设任何权利。\n\n20. 必要行动。授权DIP借款人、受托人和DIP贷款人采取实施本裁定条款所必需或适当的一切行动。\n\n21. 通知。本裁定录入后三（3）个营业日内，DIP借款人应向已获通知参加听证会的各方、已向本法院提交通知请求的任何一方以及委员会的律师送达本裁定副本。\n\n签发于康涅狄格州布里奇波特，2024年7月18日。\n\nJulie A. Manning（朱莉·A·曼宁）\n美国破产法院法官\n康涅狄格州地区","key_entities":["Je","Kwok","Ho Wan Kwok","Guo","Despins","CIPA","Miles Guo","Paul Hastings"],"ecf_references":[{"doc_number":3259,"court":"CTB"}],"word_count":4380,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 18:23:53"}