According to the U.S. Bankruptcy Court docket, Chassix filed a Second Amended Plan of Reorganization and related Disclosure Statement. The Disclosure Statement explains, “The Debtors, the OEM customers, the consenting noteholders and platinum equity (collectively, the ‘plan support parties’) support confirmation of the Plan and urge all holders of claims and interests entitled to vote on the Plan to accept the Plan. The plan support parties believe that the Plan provides the highest and best recovery for all creditors.”
Under the Plan, approximately $250 million in debtor-in-possession financing comprised of a new $150 million revolving asset based lending facility to be provided by PNC Bank, National Association and a new $100 million term loan, which will convert to an exit term loan at emergence, to be provided by the Debtors’ secured noteholders. The Plan further provides for conversion of approximately $375 million of the Debtors’ secured notes and approximately $158 million of the Debtors’ unsecured notes to equity. The Court subsequently entered an order approving the Disclosure Statement and scheduling a June 30, 2015 hearing to consider the Plan.
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