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Erickson Incorporated Plan Filed

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Erickson Incorporated filed with the U.S. Bankruptcy Court a Chapter 11 Joint Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan provides for the resolution of Claims against and Interests in the Debtors and implements a distribution scheme pursuant to the Bankruptcy Code. Distributions under the Plan shall be made with: (1) Cash on hand, including Cash from operations; (2) the New Common Stock; (3) the New First Lien Credit Facility (4) the New Second Lien Credit Facility; (5) the Rights; (6) the proceeds from the Rights Offering; and (7) interests in the Litigation Trust, as applicable. Under the Plan, Claims and Interests are classified and each class has its own treatment. The table below describes each class of Claims and Interests, which holders of Claims and Interests belong in each class, the treatment of each class of Claims or Interests, and the expected recovery of each holder of Claims or Interests in the respective class.”

In addition, “With respect to an Other Secured Claim, the holder of that Claim will receive on account of such Claim either (i) a payment equal to 100% of its Claim in Cash on the Effective Date; (ii) the collateral securing its Allowed Class 2 Claim; provided, however, any collateral remaining after satisfaction of such Allowed Class 2 Claim shall revest in the applicable Reorganized Debtor pursuant to the Plan, or (iii) Reinstatement of its Allowed Class 2 Claim; If a Class of Claims or Interests is Impaired under the Plan, at least one such Class of Claims or Interests will have accepted the Plan, determined without including  any acceptance of the Plan by any insider holding a Claim or Interest of that Class.” The Court scheduled a February 2, 2017 hearing to consider the Disclosure Statement.

Read more Erickson bankruptcy news.

The post Erickson Incorporated Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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