Modular Space Holdings filed with the U.S. Bankruptcy Court a notice of filing of technical modifications to the Debtors’ Joint Prepackaged Plan of Reorganization.
The filing notes, “Article IV.G. of the Plan is amended and revised by deleting the fourth, fifth and sixth paragraphs (referencing DTC or its nominee as the holder of record of New Common Equity Interests and New Warrants) and replacing them with the following: ‘The New Common Equity Interests and the New Warrants will be issued in either book-entry form or physical certificate and will be transferable through a transfer agent. The New Common Equity Interests and the New Warrants are not expected to be deposited with or traded through DTC or its nominee.”
In addition, “Holders of the New Common Equity Interests, including shares of New Common Equity Interests issuable upon exercise of the Warrants, will have to become parties to the New Shareholder Agreement which will have to become parties to the New Shareholder Agreement which will contain certain restrictions on transfer, including transfers to competitors of the Reorganized Entity. The form of New Shareholder Agreement will be filed together with the Plan Supplement. In order to receive the New Common Equity Interests, Noteholders will have to execute the New Shareholder Agreement.”
The Court scheduled a February 7, 2017 hearing to consider both the Disclosure Statement and Plan, with objections due by January 25, 2017.
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