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American Gilsonite Plan Filed

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American Gilsonite (AGC) filed with the U.S. Bankruptcy Court an Amended Joint Prepackaged Chapter 11 Plan of Reorganization, under which AGHC Interests (Class 6 ) claims are amended to add the following text, “Prior to the Effective Date…AGHC shall be merged, pursuant to the Downstream Merger, into AGC and all issued and outstanding common stock of AGHC shall be exchanged for common stock in AGC on a pro rata basis based on the number of authorized shares of common stock of AGC. Any other AGHC Interest shall be deemed cancelled as a result of the Downstream Merger, and the holders of such other AGHC Interests shall not receive or retain any property under the Plan on account of such Interests.”

In addition, “On the Effective Date, after giving effect to the Downstream Merger but prior to any cancellation and discharge of any Claims or Interests and any distributions pursuant to the Plan, …AGC shall be merged, pursuant to the Reincorporation Merger, into a newly formed Delaware corporation which will become Reorganized AGC, as a result of which all common stock of AGC outstanding following the Downstream Merger shall be exchanged for shares of common stock in Reorganized AGC. On the Effective Date, after the consummation of the Reincorporation Merger, and after giving effect to the distributions pursuant to this Plan, the shares of common stock in Reorganized AGC so received by former holders of common stock of AGHC as a result of the Reincorporation Merger shall represent two percent (2%) of the New Common Stock, which and shall be distributed to such former holders of common stock of AGHC on a Pro Rata basis, subject to Section 6.15 of the Plan.”

The Court previously scheduled a December 12, 2016 hearing to consider the Plan.

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