December 28, 2018 – The Debtors filed a Memorandum of Law in support of their request that (i) the Court approve the adequacy of the Debtors’ Disclosure Statement and (ii) confirm the Debtors’ Joint Prepackaged Plan [Docket No. 251]. The Memorandum attaches (as Exhibit A) an “Objection Summary Chart.”
The memorandum states, “The Plan has been unanimously accepted by 100% of the voting holders of Prepetition Term Loan Claims and more than 99% by amount and 96.7% by number of the voting holders of Unsecured Notes Claims — the only two classes of voting creditors. Collectively, the creditors who voted on the Plan hold more than $463.4 million (or approximately 96%) of the approximately $481.2 million in outstanding principal amount of Prepetition Term Loan Claims and more than $236 million (or approximately 87%) of the approximately $270 million in outstanding principal amount of Unsecured Notes as of the Voting Record Date. The remarkable support for the reorganization contemplated by the Plan by the overwhelming majority of voting creditors speaks volumes as to the Plan’s fairness, the good-faith efforts that culminated in its filing and its compliance with the Bankruptcy Code. As demonstrated in this brief and in the Supporting Declarations (as defined herein), and as will be established at the Confirmation Hearing, the Plan satisfies all of the requirements of section 1129 of the Bankruptcy Code and achieves the objectives of chapter 11. In addition, all of the Confirmation Objections should be overruled to the extent that they have not already been resolved consensually. Accordingly, the Plan should be confirmed.”
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