Aeropostale filed with the U.S. Bankruptcy Court a Revised Third Amended Joint Chapter 11 Plan of Liquidation and related Disclosure Statement.
According to the Disclosure statement, “The Term Loan Secured Claim shall be an Allowed Claim in the amount of $150 million, plus accrued and unpaid interest in the amount of $10,359,927, plus all fees and costs recoverable under the Term Loan Agreement, minus any amounts the Debtors pay to the Term Loan Lenders before Confirmation of the Plan. Pursuant to the Cash Collateral Orders, the Term Loan Lenders have received an interim distribution in the amount of $130,000,000. The Term Loan Lenders shall be entitled to retain all Cash previously received from the Debtors through the Effective Date.”
The Disclosure Statement continues, “In addition, the Term Loan Lenders shall receive payment of all Available Cash, up to a total amount of the Allowed Term Loan Secured Claim in full and final satisfaction of such Claim, payable on the Initial Distribution Date and from time to time thereafter and otherwise in accordance with the Cash Collateral Orders…. In light of the fact that the Term Loan Secured Claim and the Term Loan Diminution Claim are not anticipated to be satisfied in full, Holders of General Unsecured Claims shall not receive or retain any property under the Plan on account of such Claims. Pursuant to the provisions of the Bankruptcy Code, Classes of Claims in which the holders of Claims receive no distribution under a proposed plan are deemed to have rejected such proposed plan and are not entitled to vote on the Plan.”
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