The U.S. Bankruptcy Court confirmed Triad Guaranty’s Amended Joint Plan of Reorganization [Revised].
As previously reported, “The proponents of the Plan are the Debtor and Wolfgang Holdings, LLC (‘Wolfgang’). Wolfgang is a Delaware limited liability company whose sole member is Chris Manderson. Chris Manderson (‘Manderson’) is a member of Triad DIP Investors, LLC. RaS II Ltd., an entity in which Mr. William T. Ratliff, III, President and Chief Executive Officer of the Debtor, has a controlling interest, also is a member of Triad DIP Investors, LLC.”
In addition, “The Plan provides that all Holders of Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed General Unsecured Claims against the Debtor will be paid in full. The Plan provides that Holders of Equity Interests shall retain their Previously Issued Common Stock, but such stock shall be subject to dilution from the issuance of New Common Stock, and because of the issuance of certain warrants under the Third Financing Order. The Plan proposes to fairly and efficiently restructure the Debtor’s liabilities and distribute the Debtor’s assets in a manner that will allow this Chapter 11 Case to be promptly concluded.”
This mortgage insurance provider filed for Chapter 11 protection on June 3, 2013, listing $896 million in pre-petition assets.
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