BankruptcyData’s detailed analysis and summary of Optima Specialty Steel’s Third Amended Joint Chapter 11 Plan of Reorganization, As Modified, dated October 13, 2017, is now available.
The U.S. Bankruptcy Court confirmed the Plan on October 16, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Third Amended Joint Chapter 11 Plan of Reorganization, as Modified provides for a comprehensive reorganization of the Debtors that will recapitalize the Debtors’ balance sheet and ensure that the Debtors emerge from bankruptcy with a robust capital structure. The Plan will leave creditors (other than Holders of a Class 3-A Claim) unimpaired, paying fixed, undisputed and liquidated claims in full in cash and reinstating contingent, disputed or unliquidated claims. The Debtors believe that the Plan will enable them to emerge quickly from chapter 11 as a financially stronger enterprise that can thrive in the marketplace and maintain its ongoing business relationships with all of their constituencies, including vendors, suppliers, employees, and pensioners.”
BankruptcyData’s Plan Summary continues, “The Financial Projections estimate that the capital expenditures are projected to support maintenance requirements, and no new significant growth opportunities are assumed. 2017 is projected at $1.9 million of maintenance capital spending with 2018 and beyond projected at $2.5 million of annual capital spending. Further the Financial Projections reflect exit financing on October 31st, 2017.”
Premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to Optima Specialty Steel’s December 15, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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