The U.S. Bankruptcy Court issued an order approving Goodman Networks’ Disclosure Statement and concurrently confirming the Amended Joint Prepackaged Chapter 11 Plan of Reorganization.
As previously reported, “On the Effective Date, Secured Notes Claims shall be Allowed in the aggregate principal amount of $325,000,000, plus any accrued but unpaid interest, fees, and other expenses arising under or in connection with the Secured Notes Indentures.”
In addition, “On the Effective Date, Reorganized Goodman shall (i) issue New PIK Preferred Stock with an initial aggregate liquidation value of $80 million to the Holders of the Secured Notes Claims, (ii) issue the New PIK Preferred Stock with an initial liquidation value of $20 million to the Goodman MBE Group Entity, and (iii) reserve the New PIK Preferred Stock with an initial liquidation value of $5 million for the Management Incentive Plan. All of the New PIK Preferred Stock issued under the Plan shall be duly authorized, validly issued, fully paid, and non-assessable.”
This telecommunications infrastructure provider filed for Chapter 11 protection on March 13, 2017, listing $254 million in pre-petition assets.
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