AG&E Holdings – Files Amended Chapter 11 Plan and Disclosure Statement, Disclosure Statement Subsequently Approved

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November 20, 2018 – AG&E Holdings filed a Second Amended Chapter 11 Plan and related Disclosure Statement [Docket Nos. 75 and 76]. The Disclosure Statement was subsequently approved by the Court [Docket No. 81]. 
 
The following is a summary of classes, claims, voting rights and expected recoveries:
 
  • Class 1 (“Priority Claims”) is unimpaired, deemed to accept and not entitled to vote on the Plan. Expected recovery is 100%.
  • Class 2 (“Other Secured Claims)” is unimpaired, deemed to accept and not entitled to vote on the Plan. Expected recovery is 100%.
  • Class 3 (“North Mill Loan Claims”) is impaired and entitled to vote on the Plan.
  • Class 4 (“General Unsecured Claims”) is impaired and entitled to vote on the Plan. Expected recovery in respect of Class 4 claims is 6%.
  • Class 5 (“Intercompany Claims”) is impaired, deemed to reject and not entitled to vote to on the Plan. Expected recovery is 0%.
  • Class 6 (“Subordinated Claims”) is impaired, deemed to reject and not entitled to vote to on the Plan. Expected recovery is 0%.
  • Class 7 (“Interests”) is impaired, deemed to reject and not entitled to vote to on the Plan. Expected recovery is 0%.
 
The Disclosure Statement includes the following exhibits:
  •  Exhibit A – First Joint Plan of Reorganization
  •  Exhibit B – Liquidation Analysis
  •  Exhibit C – Projections
  •  Exhibit D – Proofs of Claim as to which Objections may be Filed
  •  Exhibit E – Order Approving Disclosure Statement 
 
The Court scheduled a confirmation hearing for December 21, 2018 and set a voting deadline of December 13, 2018.

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