Peabody Energy filed with the U.S. Bankruptcy Court Second Amended Joint Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “The $75 million that the Debtors and Reorganized Debtors are obligated to fund for the Class 5B Cash Pool shall be Allowed Administrative Expense Claims, which shall be (a) reduced to $37.5 million upon the Reorganized Debtors payment of the first $37.5 million installment in accordance with Section IV.E. below and (b) deemed satisfied and paid in full upon the Reorganized Debtors’ payment of the second $37.5 million installment.”
In addition, “Solely to the extent that the Debtors have not received commitments for the Exit Facility prior to the Effective Date in the aggregate principal amount of at least $1.5 billion, to the Plan and in Section IV.D. of the Plan, each holder’s Pro Rata share of (1) the Replacement Secured First Lien Term Loan of the Plan in an aggregate principal amount of up to $1.5 billion; plus (2) Cash in an amount equal to the difference between (a) the Allowed First Lien Lender Claims, including interest at the default rate and (b) the aggregate principal amount of the Replacement Secured First Lien Term Loan received of the Plan….The Second Lien Notes Claims will be allowed in the amount of $1.158 billion, subject to increase if the Effective Date occurs after April 3, 2017.”
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