BankruptcyData’s detailed analysis and summary of Erickson’s Second Amended Joint Plan of Reorganization, dated February 3, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on March 22, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “General Unsecured Claims will receive its pro rata share of the Litigation Trust Interests, for a rate of recovery of 0.11% – 0.44% if Class 5 accepts the Plan and 0.10% – 0.42% if Class 5 rejects the Plan. Erickson Incorporated Interests will be cancelled and released without any distribution.” BankruptcyData’s Plan Summary continues, “The Liquidation Analysis for Reorganized Erickson Incorporated estimates the Proceeds Available to Creditors to be $158.5 million. The recovery rate to the First Lien Loan Claims is estimated to be 100%. The recovery rates to Existing Second Lien Notes and Unsecured Claims is estimated to be zero.”
BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Erickson’s November 8, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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