P10 Industries filed with the U.S. Bankruptcy Court a First Amended Pre-packaged Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the P10 Industries disclosure statement, “The Pre-packaged Plan effectuates the terms of two Restructuring Support Agreements, that will allow the Reorganized Debtor (i) to obtain an investment of $4,654,750 million, which will allow the Reorganized Debtor to monetize the Reorganized Debtor’s patents, make profitable acquisitions, run the Debtor’s business and fund necessary capital expenditures all to maximize shareholder return (ii) eliminate significant lease and other liabilities (iii) pay all Administrative, Secured, Priority and General Unsecured Claims in full; and (iv) allow equity to retain its interests….On the Effective Date, the 210 Designees shall be designated to the board of directors of the Reorganized Debtor as Class I directors and Stephen Clearman shall be appointed as a special observer of the Reorganized Debtor’s board of directors with the right to notice of and the right to attend meetings of the board of directors of the Reorganized Debtor, but without any voting rights at any such meeting. The 210 Designees shall stand for re-election to the Reorganized Debtor’s board of directors in 2018 at the Reorganized Debtor’s annual meeting of shareholders. Robert Alpert shall be appointed as Chairman of the Board of the Reorganized Debtor’s board of directors.” The Debtors also filed with the Court a separate filing of Supplements to the Plan, which contains the following documents: Exhibit 1: form of SPA; Exhibit 2: form of loan agreement; Exhibit 3: form of promissory note; Exhibit 4: form of certificate of designation; Exhibit 5: form of charter amendment; Exhibit 6: form of registration rights agreement; Exhibit 7: form of director indemnification agreement; and Exhibit 8: form of draw down notice.
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