Examples of Prepetition Secured Credit Agreement in a sentence
The treatment of, and Plan Distribution to, to the extent not already paid in full prior to the Effective Date, holders of Class 3 Prepetition Secured Credit Agreement Claims shall be in full satisfaction, settlement, release and discharge of, and in exchange for the Greenville Prepetition Secured Lender Guaranty Claims.
Among other things, subject to Bankruptcy Court approval, the Debtors intend to use proceeds from the DIP Facility to repay loans outstanding under the Prepetition Secured Credit Agreement as of the Petition Date.
Class 3: Class 3 consists of all Prepetition Secured Credit Agreement Claims.
As of the Petition Date, Amcast and various of the other Debtors were obligated to the Prepetition Secured Lenders under the Prepetition Secured Credit Agreement in the approximate principal amount of $67,874,308, plus accrued interest, fees and costs.
The operational challenges and resulting impact on the Debtors’ financial condition led to issues on the Debtors’ ability to satisfy certain covenants under the Credit Agreement, compromising their ability to borrow thereunder without certain waivers or amendments under the Prepetition Secured Credit Agreement.
As the Debtors continued to engage in discussions with counsel to the Informal Noteholder Committee toward a consensual prearranged restructuring, the depressed state of the concrete industry undermined the Debtors’ ability to avoid defaults under the Debt Instruments.In order to continue their prenegotiated plan discussions, on February 19, 2010, the Debtors entered into an amendment (the “Fourth Amendment”) to the Prepetition Secured Credit Agreement.
Except with respect to Prepetition Secured Credit Agreement Claims, if any, and DIP Claims, unless otherwise specifically provided for in the Confirmation Order or other order of the Bankruptcy Court (including, without limitation, the Final DIP Order), or required by applicable bankruptcy or non-bankruptcy law, postpetition interest shall not accrue or be paid on any Claims, and no holder of a Claim shall be entitled to interest accruing on such Claim on or after the Petition Date.
Indeed, because the Plan is based on a consensual deal with the Debtors’ key stakeholders and contemplates a significant de-leveraging of the Debtors’ balance sheet¾including satisfaction in full of the Prepetition Secured Credit Agreement Obligations through debtor-in-possession financing proceeds, equitization of the Notes, and a full recovery to holders of General Unsecured Claims (as defined in the Plan)¾confirmation of the Plan is expected to occur over a relatively short timeframe.
Debtors' material prepetition debt obligations are governed by the Prepetition Transaction Documents which consist of: (i) the Prepetition Secured Credit Agreement, (ii) the Line of Credit Documents, (iii) the Northwestern Note Agreement, and (iv) the Principal Note Agreement.
Under the terms of the Plan, the Allowed Claims potentially being paid in whole or part in cash are the Allowed Administrative Expense Claims, Allowed Fee Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, Allowed Prepetition Secured Credit Agreement Claims, Allowed Rath General Unsecured Claims, and Allowed Greenville General Unsecured Claims.