The U.S. Bankruptcy Court approved SG Blocks’ Amended Plan of Reorganization, which was filed on April 15, 2016.
According to documents filed with the Court, “On the Effective Date of the Plan, the Debtor in Possession credit facility will be converted into a new 12% Original Issue Discount Senior Secured Convertible Debenture (the ‘Exit Facility’) due two years from the Effective Date of the Plan. The amount of the Exit Facility shall be calculated as follows: The total principal amount of the DIP credit facility of $600,000 plus interest and unpaid fees and costs under the DIP credit facility on the Effective Date of the plan, plus $500,000 of new capital. The sum of the foregoing shall be multiplied by 1.25 to obtain the principal amount of the Exit Facility on the date due. Hillair will be the sole holder under the Exit Facility.”
This shipping containers engineerer filed for Chapter 11 protection on October 1, 2015, listing $1.4 million in pre-petition assets. Read more bankruptcy news.
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