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Scottish Annuity & Life Insurance Company – Court Confirms Amended Plan

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August 27, 2018 – The Court hearing the Scottish Annuity & Life Insurance Company case confirmed the Debtors Third Amended Joint Plan of Reorganization [Docket No. 492]. As previously reported [Docket No. 437], “Generally, the Plan provides for, among other things, the following: (1) the reorganization and recapitalization of the Debtors and certain of their non-debtor Affiliates through a new money contribution of $12,500,000 by the Purchaser in the form of the Recapitalization Funding Payment; (2) the funding of distributions to the Debtors’ Creditors through an additional new money contribution of $21,500,000 by the Purchaser in the form of the Plan Funding Payment subject to reduction by the amount of the TruPS Returned Cash; (3) in exchange for the foregoing payments and other consideration, the issuance or assignment to the Purchaser of one hundred percent (100%) of the New Equity, subject to downward adjustment to no less than seventy percent (70%), to the extent that eligible unsecured creditors elect to receive their pro rata share of up to thirty percent (30%) of the New Equity, in lieu of a cash distribution under the Plan….If the SFLST I TruPS CDO Facility Holders each (1) have voted their respective Allocated Portions of SALIC TruPS Claims to accept the Plan, then (a) the SFL Note Claim Allowance Conditions will be deemed satisfied, such that the Holder of the SFL Note Claim will be deemed (i) to have voted the entire SFL Note Claim to accept the Plan and (ii) to not have opted out of the ‘Releases by Holders of Claims and Interests’ set forth in Section 10.3 of the Plan, and (b) the SFL Note Claim shall be deemed Allowed as a Class 6 Claim in the amount of $63,536,014.32.”

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