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Light Tower Rentals Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court Approved Light Tower Rentals’ Disclosure Statement and concurrently confirmed the Company’s Joint Prepackaged Chapter 11 Plan of Reorganization.

As previously reported, “On the Effective Date, Reorganized LTR shall issue new secured notes, guaranteed by each of its subsidiaries (except for any immaterial subsidiaries, consistent with the LTR Indenture) and its parent company (which shall be a subsidiary of New LTR Holdings), in the aggregate principal amount of $30 million, (i) bearing interest at 10% per annum, payable in cash or in kind at the option of the Reorganized LTR for the period commencing on the Effective Date and ending on the third anniversary thereof, and payable solely in cash thereafter, (ii) maturing on the fifth anniversary of the Effective Date, (iii) being callable (a) prior to the second anniversary of the Effective Date at a price equal to 101% of the aggregate principal amount outstanding, (b) during the period commencing on the second anniversary of the Effective Date through the day prior to the third anniversary of the Effective Date at a price equal to 106.75% of the aggregate principal amount outstanding, (c) during the period commencing on the third anniversary of the Effective Date through the day prior to the fourth anniversary of the Effective Date at a price equal to 104.50% of the aggregate principal amount outstanding, and (d) at a price equal to 100% of the aggregate outstanding amount from the fourth anniversary of the Effective Date and thereafter, and (iv) containing terms and covenants substantially similar to those under the LTR Indenture, with such modifications acceptable to the Required Consenting Noteholders.”

The natural gas generator rental service provider filed for Chapter 11 protection on August 30, 2016, listing $101 million in pre-petition assets. Read more bankruptcy news.

The post Light Tower Rentals Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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