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GT Advanced Technologies Plan Effective

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According to the U.S. Bankruptcy Court docket, GT Advanced Technologies’ Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection.

The Court confirmed the Plan on March 8, 2016. According to documents filed with the Court, “Pursuant to the Plan, all outstanding equity interests of the Company, including but not limited to all outstanding shares of common stock, par value $0.01 per share (the ‘Existing Common Stock’), options and contractual or other rights to acquire any equity interests, will be cancelled and extinguished on the Effective Date. Holders of Existing Common Stock and holders of Class 5 Subordinated Securities Claims (as defined in the Plan) will not receive any distributions under the Plan on account of such equity interests or claims.”

Court-filed documents continue, “As of the date hereof, there were 137,662,024 shares of Existing Common Stock outstanding. Upon the Effective Date of the Plan, the Reorganized Debtors’ capital structure will consist of (a) the Senior Secured Notes in the amount of $60 million, (b) shares of Preferred Stock, which will represent 86% of the ownership of the common stock in Reorganized GT Inc. on an as-converted basis (subject to dilution), and (c) shares of Reorganized Common Stock. Reorganized GT Inc. will issue the Preferred Stock to the Financing Support Parties in exchange for $20 million….Notes Claims in Class 4A will receive their pro rata share of (i) 21.6% of the Reorganized Common Stock Pool, (ii) 12.5% of the Excess Proceeds, if any, (iii) a 12.5% beneficial interest in the Litigation Trust, and (iv) the Noteholder Warrants; (b) holders of Allowed Corp. Debtors General Unsecured Claims will receive their pro rata share of (i) 62.0% of the Reorganized Common Stock Pool, (ii) 71.1% of the Excess Proceeds, if any, and (iii) a 71.1% beneficial interest in the Litigation Trust; and (c) holders of Allowed GT Hong Kong General Unsecured Claims will receive their pro rata share of (i) 16.4% of the Reorganized Common Stock Pool, (ii) 16.4% of Excess Proceeds, if any, and (iii) a 16.4% beneficial interest in the Litigation Trust.”

This electronics’ equipment producer filed for Chapter 11 protection on October 6, 2014, listing billion in total assets. Read more GTAT bankruptcy news.

The post GT Advanced Technologies Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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