The NORDAM Group – Files Joint Postpackaged Chapter 11 Plan and Disclosure Statement

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November 12, 2018 – The NORDAM Group filed a Joint Postpackaged Chapter 11 Plan of Reorganization [Docket No. 657] and a related Disclosure Statement [Docket No. 658].

The following is the summary of claims, classes, voting rights and projected recoveries:

  • 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 $55,000,000-$65,000,000 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 100%.
  • Class 7 (“Existing NORDAM Parent Interests”) is impaired and entitled to vote on the Plan.  Allowed Existing NORDAM Parent Interests will be converted into shares of NewCo having the same designations, rights, powers and preferences, and the qualifications, limitations and restrictions thereof, in accordance with the Tax-Free Reorganization. 

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