Examples of New Holding Companies in a sentence
All matters provided for in the Plan involving the entity structure of the Debtors, the Reorganized Debtors or the New Holding Companies, and any entity action required by the Debtors, the Reorganized Debtors or the New Holding Companies in connection with the Plan shall be deemed to have occurred and shall be in effect without any requirement of further action by the security holders, directors, or officers of the Debtors, the Reorganized Debtors, or the New Holding Companies.
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The New Holding Companies will own, directly or indirectly, 100% of the Debtors’ assets.
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).
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 Released Parties, the New Holding Companies, and the Reorganized Debtors do not agree to perform, pay or indemnify creditors or otherwise have any responsibilities for any liabilities or obligations of the Debtors, whether arising before, on or after the Confirmation Date, except as otherwise expressly provided in the Plan.
On the Effective Date, certain of the New Holding Companies and/or certain of the Reorganized Debtors will enter into the New SCB Facility and, subject to compliance with the New Facility Distribution Procedures, issue the New SCB Facility Obligations to the Holders of the Allowed SCB Claims.
Section 7.11 of the Plan provides that “the operation, management, and control of the New Holding Companies and the Reorganized Debtors shall be the general responsibility of their respective boards of directors or managers and senior officers .
Following the Effective Date, the Reorganized Arcapita Group shall establish an incentive plan (the “Management Incentive Plan”) for the directors and senior management of the Reorganized Debtors and the New Holding Companies and for the deal team members who are key to the portfolio exits.
The Vendors shall retain the right at any time to disclaim or terminate any Removed Contract without any notice to the Purchaser.