Optima Specialty Steel filed with the U.S. Bankruptcy Court a Third Modified and Amended Joint Chapter 11 Plan of Reorganization.
According to documents filed with the Court, “The Unsecured Notes Claims shall be allowed in the full amount of all outstanding obligations due under the Unsecured Notes Indenture, including, but not limited to, accrued but unpaid interest as of the Petition Date, which principal and accrued unpaid interest totalled $87,550,000 as of the Petition Date…On the Effective Date, one or more of the Reorganized Debtors (as determined by DDJ) may enter into the Exit Revolver Facility, the final form and substance of which shall be acceptable to DDJ and reasonably acceptable to the Reorganized Debtors.”
In addition, “The restructuring transactions may include one or more restructurings, conversions, or transfers as may be determined by the Debtors, with the consent of DDJ, to be necessary or appropriate, including, at DDJ’s election, the formation of one or more new holding companies to constitute Reorganized Optima. To the extent DDJ so elects, the Debtors shall make all necessary arrangements in order that, as of the Effective Date, such entity or entities shall (i) hold, directly or indirectly, all of the equity interests of Optima, as reorganized, (ii) become the issuer of the New Common Stock (in place of Optima, as reorganized), and (iii) enter into some or all of the Exit Facilities as determined by DDJ and contemplated in the Exit Facility Documents and the other Plan Transaction Documents.” The Court confirmed the Company’s Second Amended Joint Chapter 11 Plan of Reorganization on June 29, 2017, so Optima Specialty Steel filed a motion for an order approving revisions to the previous confirmation order and confirmation of the Third Amended Joint Chapter 11 Plan.
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