NORDAM Group – Files Solicitation Versions of Plan and Disclosure Statement, Schedules Confirmation Hearing for January 30

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January 3, 2019 – The NORDAM Group filed solicitation versions of its First Amended Joint Postpackaged and a related Disclosure Statement [Docket Nos. 848 and 849] and blacklines of the two documents showing changes from versions filed on December 17, 2018 [Docket No. 851]. The changes to both documents are minor. There were no changes to claims-related terms and/or disclosure statement.

The following is a summary of claims, classes, voting rights and projected recoveries [Please note that there have been no amendments to the Plan or Disclosure Statement in respect of claims and that defined terms are as defined in the Plan and/or Disclosure Statement]: 

 
  • Class 1 (“Priority Non-Tax Claims”) is unimpaired, presumed to accept and not entitled to vote on the Plan. The estimated allowed amount of claims is $100,000-$150,000 and estimated recovery is 100%. 
  • Class 2 (“Other Secured Claims”) is unimpaired, presumed to accept and not entitled to vote on the Plan. The estimated allowed amount of claims is $50,000 and estimated recovery is 100%. 
  • Class 3 (“Prepetition Credit Facility Claims”) is unimpaired, presumed to accept and not entitled to vote on the Plan. The estimated allowed amount of claims is $268,843,220 and estimated recovery is 100%. 
  • Class 4 (“General Unsecured Claims”) is unimpaired, presumed to accept and not entitled to vote on the Plan. The estimated allowed amount of claims is $68,000,000-$73,000,000 and estimated recovery is 100%.
  • Class 5 (“Intercompany Claims”) is unimpaired, presumed to accept and not entitled to vote on the Plan. The estimated recovery is 100%.
  • Class 6 (“Intercompany Interests”) is unimpaired, presumed to accept and not entitled to vote on the Plan. The estimated recovery is N/A.
  • Class 7 (“Existing NORDAM Parent Interests”) is impaired and entitled to vote on the Plan.  Each holder of an Allowed Existing NORDAM Parent Interest claim will receive on the Effective Date its pro rata share of (i) 100% of the NewCo Common Stock and (ii) the Class 7 Cash Payment.

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