Allied Nevada Gold filed with the U.S. Bankruptcy Court a notice of agreements in principle with official committee of unsecured creditors and official committee of equity security holders.
According to the agreement, “The Debtors, the Ad Hoc Group of Senior Unsecured Noteholders (the ‘Ad Hoc Group’), and the Official Committee of Unsecured Creditors (the ‘Creditors Committee’) have reached an agreement in principle as to certain modifications to the Amended Plan, subject to certain limited continuing diligence by the Creditors Committee, and the Creditors Committee’s support for certain other actions to be taken in connection with these cases. The contemplated modifications to the Amended Plan include, among other things: (i) the addition of a ‘convenience class’ for Holders of Allowed Unsecured Claims who opt to share in $3.0 million of Cash… (ii) the appointment of a ‘creditor representative’ (to be appointed by the Creditors Committee) that will be responsible for (a) working with the Reorganized Debtors to object to/reconcile Unsecured Claims following the Effective Date and (b) monitoring and consulting on any sale process the Reorganized Debtors may commence in seeking to sell the business after the Effective Date…. The Debtors intend to file modified versions of the Amended Plan and Amended Disclosure Statement reflecting the foregoing in advance of the hearing scheduled before the Bankruptcy Court on August 27, 2015.”
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