Modular Space Holdings’ Joint Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on February 15, 2017.
BankruptcyData’s Plan Summary reports, “The Note Claims will receive a pro rata share of 9,122,999 New Common Equity Interests and the Subscription Rights; provided, however, that only Eligible Holders will be entitled to participate in the Rights Offering. Existing Holdings Equity Interests will receive a pro rata share of New Common Equity Interests plus New Warrants.”
In addition, “The Valuation Analysis estimates the enterprise value of the Reorganized Debtors to be approximately $896 million to $1,107 million (with a midpoint estimate of approximately $1,002 million). The Debtors anticipate $553 million of net debt on the Assumed Effective Date, after taking into account the effects of the Rights Offering, which results in an imputed estimate of the range of equity value for the Reorganized Debtors of between approximately $343 million and $554 million, with a midpoint estimate of $449 million.” The storage solutions’ provider filed for Chapter 11 protection on December 12, 2016, listing $1.4 billion in pre-petition assets.
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