SG Blocks filed with the U.S. Bankruptcy Court an Amended Plan of Reorganization and related Disclosure Statement. According to the Disclosure statement, “On the Effective Date of the Plan, the Debtor in Possession credit facility will be converted into a new 12% Original Issue Discount Senior Secured Convertible Debenture (the “Exit Facility”) due two years from the Effective Date of the Plan. The amount of the Exit Facility shall be calculated as follows: The total principal amount of the DIP credit facility of $600,000 plus interest and unpaid fees and costs under the DIP credit facility on the Effective Date of the plan, plus $500,000 of new capital. The sum of the foregoing shall be multiplied by 1.25 to obtain the principal amount of the Exit Facility on the date due. Hillair will be the sole holder under the Exit Facility.”
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