On November 28, 2008, DBSI, Inc. and its affiliated chapter 11 debtors (collectively, “DBSI”) filed its Amended Notice of Revised Objection Deadline and Hearing Date [Docket No. 335] (the “Notice”). At the request of the Official Committee of Unsecured Creditors and numerous parties in interest, and to provide parties in interest with additional time to address the implications of DBSI’s motions to reject Masterleases and explore alternatives in connection therewith, DBSI adjourned the hearing on the First, Second and Third Rejection Motions [Docket Nos. 31, 63 and 88] to December 30, 2008 at 11:00 a.m. (ET) (the “Hearing”).
Because DBSI is prepared to proceed with rejection of all Masterleases and have “silo’d” the cash flow for each DBSI Masterlessee, DBSI is seeking Bankruptcy Court approval of the rejection of the Masterleases to be deemed effective as of:
* November 12, 2008 for Masterleases and Subleases identified on Exhibits 1-A through 1-D to the Notice (Masterleases and Subleases covered by First Rejection Motion);
* November 14, 2008 for Masterleases identified on Exhibit 2 to the Notice (Masterleases covered by Second Rejection Motion); and
* December 2, 2008 for Masterleases identified on Exhibits 3 or 4 to the Notice.
Notwithstanding the foregoing, in the interim period prior to the Hearing DBSI will continue to entertain the following alternatives to the rejection of a Masterlease:
* execution of an Administrative Waiver by the requisite representatives of the TIC Investors;
* execution of an Amended and Restated Lease Agreement; and
* execution of an Assumption and Assignment of Lease and Subleases.
A full copy of the Notice along with the Exhibits may be obtained on the website of the Debtors’ noticing and claims agent at www.kccllc.net/dbsi (click the link for “Court Documents” and then the link for the Notice).
DB02:7607478.1
067799.1001
