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Midway Gold Plan Filed

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Midway Gold filed with the U.S. Bankruptcy Court Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan provides for twelve (12) classes of claims and equity interests under Article III of the Plan….On the Effective Date or as soon as is reasonably practicable thereafter, the Liquidating Trustee shall remit to holders of Allowed Administrative Claims, Allowed Priority Tax Claims and Allowed Priority Non-Tax Claims an amount in Cash equal to the Allowed amount of such Claims, or such lesser amounts as agreed to by such holders. Additionally, the Plan provides that on the Effective Date or as soon as reasonably practicable thereafter the Debtors shall pay to the Senior Agent the Cash to which it is entitled in respect of the Senior Agent Administrative Claim and its Class 2 Claim.”

Court-filed documents continue, “The Plan also provides that the Midway Liquidating Trust shall make payment(s) to the holders of other Allowed Claims as and when such Claims become due and payable by Final Order of the Bankruptcy Court authorizing and approving the payment of such Claims in accordance with Article II of the Plan…..Pursuant to the settlements described by and embodied in the Plan, (i) holders of Allowed General Unsecured Claims against Debtors other than the No Asset Debtors will also receive their Pro Rata share of the proceeds of the Retained Causes of Action, if any, that are allocable to the Debtor or Debtors against whom such holders assert their Allowed Claims, (ii) the Senior Agent will receive the benefit of any proceeds generated from the Remaining Assets (other than the first $50,000 generated from the Tonopah Project, 50% of which will be contributed to the MGUS GUC Reserve up to $25,000 and 50% of which will be contributed to the Non-MGUS GUC Reserve up to $25,000), in each case as specifically provided for in the Plan, and (iii) the Subordinate Agent will receive the treatment provided for by the Subordinate Agent Settlement.”

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