Erickson filed with the U.S. Bankruptcy Court a Second Amended chapter 11 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.”
In addition, “Estimated total Allowed Class 4 Claims is $72,466,239.67 and Estimated Total Allowed Class 5 Claims is $370,205,428….Estimated total Allowed Class 6 Claims, including Existing Second Lien Deficiency Claims is $452.0 million to $520.3 million (if Class 5 votes to accept the Plan) $475.2 million to $525.2 million (if Class 5 votes to reject the Plan).” The Court subsequently approved the Disclosure Statement and scheduled a March 21, 2017 hearing to consider the Plan, with objections due by March 13, 2017.
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