BankruptcyData’s detailed analysis and summary of Goodman Networks’ Amended Joint Prepackaged Chapter 11 Plan of Reorganization, dated May 2, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on May 4, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “The Plan provides for a comprehensive restructuring of the Company’s obligations, preserves the going-concern value of the Company’s business, maximizes recoveries available to all constituents, provides for an equitable distribution to the Company’s stakeholders, and protects the jobs of more than 3,400 employees….General Unsecured Claims Holders will receive either: payment in cash in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Allowed Claim; or payment in cash, including interest, if applicable, as required by contract or applicable law, in an amount equal to such Allowed Claim, upon the later of the Effective Date, the date on which such Claim becomes an Allowed Claim, or such other date as may be ordered by the Bankruptcy Court, for a 100% rate of recovery.”
BankruptcyData’s Plan Summary continues, “The Valuation Analysis estimates the Enterprise Value of the Reorganized Company, as of an assumed effective date, will range from approximately $164 million to approximately $191 million, with a midpoint of approximately $177 million.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Goodman Networks’ March 13, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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