BankruptcyData’s detailed analysis and summary of Global Brokerage’s Prepackaged 11 Plan of Reorganization, dated December 11, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on January 22, 2018; however, the Plan is not yet effective.
BankruptcyData notes, “The overall purpose of the Plan is to enable the Debtor to restructure its obligations under $172,500,000 Principal Amount of 2.25% Convertible Senior Notes due 2018 by effecting an exchange of such notes for new notes with new terms, including an extended maturity date. All obligations of the Debtor other than those owed to the holders of Existing Notes are expected to be paid in full in cash in the ordinary course of Debtor’s business. The legal rights of holders of equity interests in the Debtor will be unimpaired under the Plan.”
In addition, “The Liquidation Analysis for the Debtors estimates the Total Net Liquidation Proceeds to be between $2.614 million and $2.855 million with the midpoint to be $2.735 million.” BankruptcyData premium level subscribers receive access to the full summary, which provides further details on corporate background, events leading to Global Brokerage’s December 11, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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