Examples of Equity Parent in a sentence
Parent Net Equity Parent net equity represents SunCoke’s historical investment in us, our accumulated net earnings after tax, and the net effect of transactions with and allocations from SunCoke, including cash pooling and general financing activities, cash transfers for capital expenditures and allocations of SunCoke costs, including income taxes.
The negotiations between the Company, Equity Parent, and the Consenting Creditors culminated in the entry into that certain Restructuring Support Agreement on July 4, 2017 between the Company, Equity Parent, and the Consenting Creditors (as amended, supplemented or otherwise modified in accordance with its terms from time to time, the “Restructuring Support Agreement”).
Prior to the Petition Date, the Debtors engaged in extensive, good-faith negotiations with an ad hoc group of certain Prepetition First Lien Lenders and Prepetition Second Lien Lenders and with their equity sponsors, including TowerBrook and the Equity Parent, to develop a comprehensive financing, restructuring, and recapitalization plan to be implemented through these Chapter 11 Cases.
In addition, shortly after the appointment of the Creditors’ Committee, the Debtors, Consenting Creditors and Equity Parent engaged in further extensive, good-faith negotiations with the Creditors’ Committee to resolve the Creditors’ Committee’s concerns with the Disclosure Statement and Plan.
In order to address the Company’s over- levered balance sheet and proactively address its 2019 and 2020 debt maturities under the Prepetition First Lien Loan Agreement and Prepetition Second Lien Loan Agreement, the Company, led by Equity Parent, and with the advice and support of MAEVA, reached out to its secured lenders.
As of the Petition Date, Holdings is 100% owned by Equity Parent, which in turn is majority owned by TI Holdings, an affiliate of TowerBrook Capital.
The Plan, as amended, reflects the agreement reached among the Debtors, Equity Parent, the Creditors’ Committee and the Consenting Creditors to reorganize the Debtors as a going- concern business and outlines a consensual deleveraging transaction that will leave the Debtors with a significantly improved capital structure.
The Debtors, Equity Parent, Creditors’ Committee and Consenting Creditors believe that the financial restructurings, the operational restructuring (through, among other things, focused lease rejections) and the other transactions reflected in the Plan will position the Reorganized Debtors well to succeed post emergence from bankruptcy.
Equity Parent and the Company realized that without a balance sheet restructuring, there would be limited ability for growth going forward.
The Company and Equity Parent began discussions with certain Prepetition First Lien Lenders and Prepetition Second Lien Lenders in September 2016, and have been in active negotiations with the Consenting Creditors since November 2016.