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HII Technologies Plan Filed

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According to the U.S. Bankruptcy Court docket, HII Technologies filed an Amended Plan and related Disclosure Statement. The Disclosure Statement explains, “Under Section 4.5 of the Plan, each holder of an Allowed General Unsecured Claim shall receive, in full satisfaction of such Claim: (i) its Pro Rata Share of 5% of the New HIIT Common Stock; and (ii) its Pro Rata Share of the Unsecured Creditor Beneficial Trust Interest, in accordance with the Waterfall, on account of which such holder shall receive, as soon as is reasonably practicable after the Litigation Trustee, from time to time, determines that there is sufficient Distributable Trust Cash to make a distribution to Litigation Trust Beneficiaries, its Pro Rata Share of such Distributable Trust Cash based upon such Pro Rata Share of the Unsecured Creditor Beneficial Trust Interest, in accordance with the Waterfall.”

The Disclosure Statement continues, “Holders of Allowed General Unsecured Claims will share pro rata in (i) 5% of the stock of the new HIIT Common Stock, and (ii) a pro rata share of the Unsecured Creditor Beneficial Litigation Trust Interest, from which the Litigation Trustee shall make distributions of cash as set forth in the Plan….Existing Equity Interests in HIIT will be cancelled, all stock de-listed, and no SEC filings will be required upon entry of an administrative order from the SEC that de-registers the HIIT Stock. The Debtors’ tax attributes will be preserved and it will continue operating. The Plan is also a motion to compromise with the DIP Lenders on the amount of their superpriority administrative expense of over $11 Million, accepting less than full payment in exchange for payment under the Plan.”

The Court scheduled a March 10, 2016 hearing to consider conditional approval of the Disclosure Statement with an April 15, 2016 confirmation hearing to follow. Read more bankruptcy news.

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