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A’Gaci Plan Filed

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A’Gaci filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan provides for the resolution of Claims against and Interests in the Debtor and implements a distribution scheme pursuant to the Bankruptcy Code. Distributions under the Plan shall be made with: (1) Cash on hand, including Cash from operations; (2) the proceeds from the New Membership Interests; (3) the New Credit Facility; and (4) the Class 6 Note, as applicable. Holders of Chase secured claim shall receive payment in full, in cash; holders of BOA secured claim will receive, in exchange for the BOA secured claim, the collateral securing its Allowed Class 2 Claim; holders of Other Secured claims will receive i) payment in full in cash of its Allowed Class 3 Claim; (ii) The collateral securing its Allowed Class 3 Claim or (iii) reinstatement of its Allowed Class 3 Claim’ holders of secured tax claims will receive i) payment in full in cash of its Allowed Class 4 claim; (ii) The collateral securing its Allowed Class 4 or (iii) such other treatment consistent with the requirements of Bankruptcy Code section 1129(a)(9); holders of other priority unsecured claims will receive (i) payment in full in cash of its Allowed Class 5 claim; or (ii) such other treatment as is consistent with the requirements of bankruptcy code section 112; holders of  general unsecured claims will receive its pro rata share of the Class 6 Note; holders of A’GACI Interests shall be cancelled and released without any distribution.”

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