Examples of New Arcapita Topco in a sentence
As provided in the Implementation Memorandum, New Arcapita Topco will be a newly formed Cayman Islands entity which will be the ultimate top-tier New Holding Company.
Failing a timely nomination of proposed board members by the members of the Committee, the Debtors will name the members of the New Board of New Arcapita Topco two business days after the date of the filing of the Plan Supplement.
A series of corporate transactions (which are described further in the Implementation Memorandum attached hereto as Exhibit E) will occur prior to, on or subsequent to the Effective Date, resulting in the formation of a new Delaware limited liability company (“New Arcapita Holdco 2”) and two new Cayman Islands limited liability companies (“New Arcapita Holdco 1” and “New Arcapita Holdco 3”) as subsidiaries of New Arcapita Topco.
In addition, two intermediate holding companies, New Arcapita Bahrain Minorityco (a Cayman Islands limited liability company) and New Bahraini Arcapita Holdco (an entity incorporated in the Kingdom of Bahrain), may be formed as direct subsidiaries to New Arcapita Topco.
The New Board of New Arcapita Topco will be ultimately responsible for the management of New Arcapita Topco, the New Holding Companies and the Reorganized Debtors.
The Plan proposes to establish a new Cayman Islands holding company (“New Arcapita Topco”) which will own and control a series of newly formed intermediate Cayman Islands, Delaware and potentially Bahraini holding company subsidiaries (collectively with New Arcapita Topco, the “New Holding Companies”).
In exchange for their Allowed Claims, the majority of the Debtors’ unsecured creditors (as described more fully below) will receive a Pro Rata Share of a new Shari’ah compliant Sukuk facility (the “Sukuk Facility”), which will be on the terms described below and in the Exhibits attached hereto, substantially all of the equity of the New Holding Companies and certain warrants issued by New Arcapita Topco (as defined below).
A new Delaware limited liability company (“New Arcapita Bank Holdco”) will also be formed as a subsidiary of New Arcapita Topco, among other reasons, to hold the Arcapita Bank Shares to be transferred to New Arcapita Bank Holdco.
SCB agrees to release and remit to Arcapita Bank or, if such release occurs after the Plan Effective Date, New Arcapita Topco, the portion of Cash Collateral exceeding any amounts paid by or owed to SCB under the TDIC Guaranty within five (5) business days of the receipt by SCB of reasonably satisfactory evidence of the TDIC Termination.
If Bahraini Arcapita Holdco is not formed, New Arcapita Topco will own 99.99% of the issued and outstanding shares in New Arcapita Holdco 1 and Arcapita (HK) Limited will own 0.01% of the issued and outstanding shares in New Arcapita Holdco 1.