Optima Specialty Steel filed with the U.S. Bankruptcy Court an amended Supplement for the Company’s Third Modified and Amended Joint Chapter 11 Plan of Reorganization. The Supplement contains Exhibit A: Tab 3 – list of directors and officers of reorganized Debtors. The Supplement notes, “On and after the Effective Date, the Board of Directors for each of the Reorganized Debtors, other than Reorganized Michigan Seamless Tube LLC, shall consist of the following members: James R. Kime (Board Chair); Benjamin Santonelli; Eric Hoff; Patrick J. Murley and James Tumulty. Reorganized Michigan Seamless Tube LLC, will be a member managed limited liability company managed by its sole member, Reorganized Optima Specialty Steel.”
The Court subsequently approved the Company’s motion to amend the June 29, 2017 confirmation order for Optima Specialty Steel’s Second Amended Joint Chapter 11 Plan and issued an order confirming the Third Modified and Amended Joint Chapter 11 Plan. As previously reported, the Plan notes the following: “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.”
This specialty steel products’ manufacturer filed for Chapter 11 protection on December 15, 2016, listing $101 million in pre-petition assets.
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