MIG’s Amended Plan of Reorganization for MIG and ITC Cellular (proposed by MIG’s indenture trustee: Bank of New York Mellon) became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 16, 2016.
The order states, “Pursuant to Article IV.M of the Plan, Natalia Alexeeva has been appointed as the Wind-Down Manager. Pursuant to Article II.A of the Plan, unless otherwise provided in the Plan, all requests for payment of Administrative Claims against the Debtors accruing on or after the Petition Date, but prior to the Effective Date, must be filed and served on the Debtors and the Plan Proponent (so as to be received by no later than the date that is 30 days after the Effective Date (August 21, 2017).”
BankruptcyData’s detailed Plan Summary notes, “The Plan contemplates the complete deleveraging of the Debtors through the conversion of all Notes Secured Claims on account of the Senior Secured Notes and the Prepetition Indenture, and all General Unsecured Claims (including the Notes Deficiency Claim), to new equity in MIG Holdings, a new Republic of the Marshall Islands limited liability company, to be formed by the Debtors prior to the Effective Date. On the Effective Date MIG Holdings will become the sole member of, and holder of 100% of the Interests in, Reorganized MIG. All assets, including the Cash and all litigation claims will vest in Reorganized MIG for the benefit of all holders of the New MIG Interests.”
In addition, General Unsecured Claims will receive a pro rata share of the Class 3 Equity Distribution; provided, however, that if the Sale Transaction occurs, then each such Holder will receive a pro rata share of the Net Cash Proceeds in lieu of the Class 3 Equity Distribution.
MIG emerged from a previous Chapter 11 filing in December 2010. This telecommunications provider filed for Chapter 11 protection on June 30, 2014, listing $117 million in pre-petition assets.
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