TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. Administrative Expense Claims Holders of an administrative expense claim shall be paid in full, in cash, on the Effective Date; provided, that, (a) administrative expense claims incurred in the ordinary course will be paid in accordance with their terms and (b) fees and expenses of professionals retained under section 327 or 1103 of the Bankruptcy Code will be paid in accordance with the procedures established by the Bankruptcy Court. Priority Tax Claims Holders of priority tax claims shall be paid in full, in cash, on the Effective Date or treated in an alternative manner consistent with the Bankruptcy Code and determined by the Debtors and the Supporting Noteholders, acting reasonably and in good faith. Other Priority Claims Holders of other priority claim shall be paid in full, in cash, on the Effective Date or treated in an alternative manner consistent with the Bankruptcy Code and determined by the Debtors and the Supporting Noteholders, acting reasonably and in good faith. Other Secured Claims On the Effective Date, to the extent there exist any claims against the Debtors secured by liens other than as set forth in this Restructuring Term Sheet, all such secured claims allowed as of the Effective Date will be satisfied at the option of the Debtors, with the consent of the Supporting Noteholders, by either (a) payment in full in cash, (b) reinstatement pursuant to section 1124 of the Bankruptcy Code, or (c) such other recovery necessary to satisfy section 1129 of the Bankruptcy Code.
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. DIP ABL Facility Claims To the extent the Debtors obtain a commitment for a DIP ABL Facility that is funded prior to the Plan Effective Date, the Plan shall provide as follows: i. If those certain conversion conditions set forth in the DIP ABL Agreement remain unsatisfied as of the Plan Effective Date, on the Plan Effective Date, each holder of an allowed DIP ABL Facility Claim shall receive, unless such holder agrees to less favorable treatment, cash in an amount equal to its allowed DIP ABL Facility Claim in full and final satisfaction, release, and discharge of, and in exchange for, such allowed DIP ABL Facility Claim.
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. The below summarizes the treatment to be received on or as soon as practicable after the Plan Effective Date (as defined below) by holders of claims against, and interests in, the Company pursuant to the Plan. Administrative, Priority, and Tax Claims Allowed administrative, priority, and tax claims will be satisfied in full, in cash, or otherwise receive treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code.
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. Administrative Expense Claims Holders of an administrative expense claim shall be paid in full, in cash, on the Effective Date; provided, that, (a) administrative expense claims incurred in the ordinary course will be paid in accordance with their terms and (b) fees and expenses of professionals retained under section 327 or 1103 of the Bankruptcy Code will be paid in accordance with the procedures established by the Bankruptcy Court.
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. DIP Financing The terms of the DIP Financing are fully set forth in the DIP Term Sheet. $50 million of DIP Financing provided by the holders of the 6.50% Secured Notes (the “Senior Note Lenders”) shall be repaid on the effective date of a Plan by the Rights Offering (as defined below). Loan Agreement Claims Subject to review of the validity and perfection of liens and security interests of the lenders under the Loan Agreement (the “Senior Credit Lenders”) by the Creditors’ Committee, the claims arising from the Loan Agreement shall, to the extent not repaid during the pendency of the Chapter 11 Cases shall be paid in full in cash on the effective date of a Plan.
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. DIP Financing Claims Allowed claims under the DIP Facility shall be repaid in cash in full. Senior Credit Facility Claims The allowed claims arising from the Senior Credit Facility shall be satisfied in cash in an amount equal to the aggregate par plus accrued interest on their allowed claims, in full satisfaction of all allowed claims (including, without limitation, all claims on account of adequate protection in the chapter 11 cases). Senior Unsecured Notes Claims Holders of allowed claims on account of the Senior Unsecured Notes shall receive (a) One Hundred Forty Thousand (140,000) shares of one or more classes of newly issued common stock of the issuer of the New Common Stock (the “New Common Stock”) (which will represent approximately 6% of the New Common Stock assuming conversion of the Series A Preferred Stock (as defined below) on the Effective Date) and (b) Rights (as defined below) to subscribe for their pro rata portion of One Million Eight Hundred Fifty Thousand (1,850,000) shares of one or more classes of newly issued convertible preferred stock of issuer of the New Preferred Stock each share of which will be convertible initially into one share of New Common Stock (the “New Preferred Stock” or the “Series A Preferred Stock”) (which will represent approximately 78% of the New Common Stock assuming Conversion of all of the Series A Preferred Stock on the Effective Date). To enable the Holders of allowed Claims and the Put Parties to avoid being licensed or qualified by the Michigan Gaming Control Board or any other reason, the Holders may elect in their sole discretion to (i) purchase different classes of voting or restricted or reduced voting shares having equivalent economic rights or (ii) purchase warrants to purchase the New Common Stock and/or New Preferred Stock at the purchase price of $.01/share. Trade Claims Interest Holders of allowed Trade Claims would receive their pro rata share of the Trade Distribution Fund and an interest in a litigation trust holding the debtors’ causes of action, including avoidance actions (the “Litigation Trust”).
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. The Plan will classify and provide treatment for claims (“Claims”) against and interests in the Debtor generally as described below.
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. The below summarizes the treatment to be received on or as soon as practicable after the Plan Effective Date (as defined below) by holders of claims against, and interests in, the Company pursuant to the Plan. Allowed administrative, priority, and tax claims will be satisfied in full, in cash, or otherwise receive treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code. $1,248,945,000.00 plus (x) any accrued and unpaid interest (whether pre or post Petition Date) at the non-default rate provided in the RBL through and including the Effective Date (the “Credit Agreement Interest”), and (y) all unpaid pre and post Petition Date fees, expenses, and other charges (including professional fees and expenses) provided for in the RBL (the “Credit Agreement Fees and Expenses”). Each holder of an Allowed RBL Claim shall receive its pro rata share of: (a) cash in the amount of the Credit Agreement Interest plus (b) cash in the amount of its pro rata share of the net cash proceeds of the sale of certain oil and gas assets in Xxxxxxxxx County, Texas (the “Xxxxxxxxx Sale Proceeds”). In addition, each RBL Lender shall receive (at its election) treatment under either Option 1 or Option 2 below:
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. Claim Proposed Treatment * * * * Defined Terms
TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. Type of Claim Treatment Impairment / Voting
