21st Century Oncology Holdings filed with the U.S. Bankruptcy Court a joint notice of settlement with the Company’s official committee of unsecured creditors.
The settlement notes, “To resolve the issues and concerns raised by the official committee of unsecured creditors appointed in the Debtors’ bankruptcy cases with respect to the Plan, the Disclosure Statement, the Solicitation Motion and the Backstop Approval Motion, the Debtors have reached a settlement agreement with the Creditors’ Committee, which settlement is supported by the Requisite Backstop Parties.”
In addition, “The Convenience Claim Distribution shall be increased to $2.6 million. The recovery percentage that a holder of an Allowed General Unsecured Claim that has made the Convenience Claim Election (with respect to an Allowed General Unsecured Claim greater than $1,000,000) or has not made the New Common Stock Election (with respect to an Allowed General Unsecured Claim less than or equal to $1,000,000) receives on account of such Allowed General Unsecured Claim from the Convenience Claim Distribution shall not be capped.”
The settlement continues, “Subject to the terms of this Term Sheet, any holder of an Eligible General Unsecured Claim as of the Rights Offering Record Date that (i) has not made the Convenience Claim Election (with respect to an Eligible General Unsecured Claim greater than $1,000,000) or has made the New Common Stock Election (with respect to an Eligible General Unsecured Claim less than or equal to $1,000,000) and (ii) is an Accredited Investor shall receive its pro rata share (based on the proportion that such holder’s Eligible General Unsecured Claim as of the Rights Offering Record Date bears to the aggregate amount of (I) all Eligible General Unsecured Claims as of the Rights Offering Record Date held by each Person that has certified it is an Accredited Investor on or prior to the Questionnaire Deadline plus (II) all Allowed Note Claims as of the Rights Offering Record Date) of New Notes Rights and New Preferred Equity Rights….The Rights Offering Commencement Date shall be on or about November 9, 2017. The Rights Offering Termination Time shall be on or about November 29, 2017.”
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