BankruptcyData’s detailed analysis and summary of Global A&T Electronics’ Joint Chapter 11 Plan of Reorganization (with technical modifications), dated December 20, 2017, is now available.
The U.S. Bankruptcy Court confirmed the Plan on December 22, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Restructuring Support Agreement and Plan provide for a comprehensive restructuring of Claims against and Interests in the Debtors, preserve the going-concern value of the Debtors’ businesses, maximize recoveries available to all constituents, and provides for an equitable distribution to the Debtors’ stakeholders. More specifically, the Restructuring Support Agreement and Plan, provide, among other things, that on the Effective Date: the Debtors will issue $665 million in 8.5% New Secured Notes due 2022; will distribute approximately $517.64 million of the New Secured Notes to the Initial Noteholders and approximately $84.9 million of the New Secured Notes to the Additional Noteholders; distribute $8.89 million of cash to the Initial Noteholders; will distribute an additional $11.11 million of the New Secured Notes and $1.11 million of cash to the 2014 Plaintiff Initial Noteholders.”
In addition, “UTAC, the Debtors’ ultimate equity owner, will issue common equity to the Additional Noteholders in such amount as to constitute 31% of the outstanding common equity of UTAC on a post-emergence basis, subject to dilution by any post-emergence management incentive plan adopted by UTAC, with the Affinity Entities (other than the Affiliate Noteholder) and TPG collectively holding, directly or indirectly, the other 69% of the outstanding common equity of UTAC on a post-emergence basis.” BankruptcyData premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to Global A&T Electronics’ December 17, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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