Reorganized PSI definition
Examples of Reorganized PSI in a sentence
If the Canadian Plan Condition is waived, an amount of New Unsecured PIK Notes and the amount of Reorganized PSI Common Shares equivalent to the amount of New Common Shares that would be distributed to the holders of Canadian Impaired Unsecured Claims under the Canadian Reorganization Plan (assuming all such Claims will be allowed) shall be held by the Disbursing Agent pending the implementation of the Canadian Reorganization Plan or the Alternate Canadian Transactions.
Each Person entitled to receive New Common Shares will receive the total number of whole shares of New Common Shares or Reorganized PSI Common Shares to which such Person is entitled.
The new board of directors for Reorganized PSC (if the Canadian Reorganization Plan is sanctioned) or Reorganized PSI (if the Alternate Canadian Transactions are implemented or if the Canadian Plan Condition is waived) will consist of nine (9) directors, who will be nominated by holders of Lender Claims.
Subject to the requirements of section 1129(a)(5) of the Bankruptcy Code, the Debtors intend to announce prior to the Confirmation Date the identities of the individuals proposed to serve as officers of the Reorganized Debtors and the directors of Reorganized PSC (if the Canadian Reorganization Plan is sanctioned) or Reorganized PSI (if the Alternate Canadian Transactions are implemented or the Canadian Plan Condition is waived).
No fractional shares of New Common Shares or Reorganized PSI Common Shares shall be issued or distributed under the Plan.
Further, promptly after the Effective Date, Reorganized PSI will offer to enter into a registration rights agreement (to be negotiated by the applicable parties) in respect to the New PSI Common Stock with Holders of New PSI Common Stock, if and to the extent such Holders' resale of the New PSI Common Stock would be limited or restricted by the federal securities laws.
Reorganized PSC (if the Canadian Reorganization Plan is sanctioned) or Reorganized PSI (if the Alternate Canadian Transactions are implemented or if the Canadian Plan Condition is waived) shall use its reasonable best efforts to list the New Unsecured PIK Notes and the New Unsecured Convertible Notes on an American stock exchange.
Notwithstanding the foregoing, in the event that (i) Reorganized PSI determines to extend the Final Stock Adjustment Distribution Date for an additional year (i.e., until the 90th day after the three-year anniversary of the Effective Date), and (ii) Reorganized PSI, the Stock Disbursing Agent, and/or the Post-Emergence Equity Committee cannot agree as to the final allocation and distribution of any remaining Reserved New PSI Common Stock, any such disputes shall be resolved by the Bankruptcy Court.
Following the Effective Date, Reorganized PSI shall use commercially reasonable efforts to list the New PSI Common Stock on a national securities exchange or to cause the New PSI Common Stock to be quoted on the NASDAQ National Market System, provided that such listing or quotation can be accomplished in a manner that is consistent with the terms and conditions of the Plan affecting the New PSI Common Stock and the corporate governance of Reorganized PSI.
On the Effective Date, Reorganized PSC and Reorganized PSI (if the Canadian Reorganization Plan is sanctioned) or Reorganized PSI (if the Alternate Canadian Transactions are implemented or if the Canadian Plan Condition is waived) shall execute and deliver the Amended and Restated Term Credit Agreement to govern the New Senior Secured Term Debt and the New Secured PIK Debt.