BankruptcyData’s detailed analysis and summary of SunEdison’s First Amended Joint Plan of Reorganization [Revised], dated June 12, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on July 28, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “Under the Plan: Second Lien Claims will receive its pro rata portion of the Second Lien Claim Distribution. In addition, in the TERP Share Election Alternative, each Holder of an Allowed Second Lien Claim that is an Eligible Holder will receive its pro rata portion of the Rights Offering Subscription Rights, for a 5.4% rate of recovery. General Unsecured Claims and Convertible Senior Notes will receive its pro rata portion of the Class A GUC/Litigation Trust Interests, for a 2.8% rate of recovery. Allowed Class 8A Interests will be deemed automatically cancelled, released, and extinguished without further action by the Debtors or the Reorganized Debtors and the obligations of the Debtors and the Reorganized Debtors there under will be discharged.”
BankruptcyData’s Plan Summary continues, “The Financial Projections assume that the Reorganized Debtors will conduct new money Rights Offering for $213.75 million available to the Rights Holders and the Backstop Purchasers will make the Direct Equity Commitment for $71.25 million.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to SunEdison’s April 21, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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