Cash Out Option. The Plan shall provide that Holders of common stock of Xxxxxxx may elect to deliver their shares of such common stock to reorganized Xxxxxxx for cancellation in exchange for a payment in cash on the Effective Date equal to $6.25 for each share properly delivered (the “Cash-Out Option” and, the cash payment offered through the Cash-Out Option, the “Cash-Out Consideration”). For the avoidance of doubt, (i) the Existing Commitment Parties shall not elect to participate in the Cash-Out Option and (ii) holders of common stock of Xxxxxxx that elect to participate in the Cash-Out Option and receive the Cash-Out Consideration shall (x) opt into the releases set forth in the Plan and (y) not be entitled to retain their common stock of reorganized Xxxxxxx or participate in the Rights Offering.
Appears in 4 contracts
Samples: Plan Support Agreement (Garrett Motion Inc.), Plan Support Agreement (Oaktree Capital Management Lp), Plan Support Agreement (Centerbridge Credit Partners Master, L.P.)
Cash Out Option. The Plan shall provide that Holders of common stock of Xxxxxxx may elect to deliver their shares of such common stock to reorganized Xxxxxxx for cancellation in exchange for a payment in cash on the Effective Date equal to $6.25 for each share properly delivered (the “Cash-Out Option” and, the cash payment offered through the Cash-Out Option, the “Cash-Out Consideration”). For the avoidance of doubt, (i) the Existing Commitment Parties Plan Sponsors, the Equity Backstop Parties, and Honeywell shall not elect to participate in the Cash-Out Option and (ii) holders of common stock of Xxxxxxx that elect to participate in the Cash-Out Option and receive the Cash-Out Consideration shall (x) opt into the releases set forth in the Plan and (y) not be entitled to (A) retain their common stock of reorganized Xxxxxxx or participate in the Rights Offering(B) exercise their Subscription Rights.
Appears in 1 contract
