NEW AMENDED PLAN OF REORGANIZATION Investors,
Post# of 8802
(Total Views: 1544)
Posted On: 05/16/2017 6:44:03 PM
NEW AMENDED PLAN OF REORGANIZATION
Investors,
Pacer updated with an new plan of re-organization. I have taken a VERY quick look at it, and still need time to review. So far, there is no change in the court date.
ALSO:
There is a change to the Class 12 requirements. This is the Class 12 previously stated back in Feb 20th:
Quote:
6.12 Class 12: Interest Claims
Class 12 consists of Interest Claims. Upon entry of the Confirmation Order, prepetition shares will be canceled. New stock in the Reorganized Debtor shall be issued (“PostPetition Shares”) to KHC, LLC, a Georgia Limited Liability Company (“KHC”) in exchange for a cash infusion in the amount of $50,000.00 which such funds shall be used to pay administrative expense claims and otherwise fund the operations and plan obligations of the Debtor. Kil Won Lee, the president of the Debtor, is the sole shareholder of KHC. If Class 11 does not vote to accept the Plan as a Class, then the following additional terms shall apply: KHC purchase of the 100% equity interest of the reorganized debtor may be subject to competing bids in the market place under certain circumstances. Specifically, if Class 11 of unsecured claims does not vote to accept the Plan as set forth in this provision, then in that event third parties may be able to purchase the equity interest of the reorganized debtor by appearing at the confirmation hearing and submitting a bid for the equity interests. At the Confirmation Hearing, an auction may be held at the direction and upon such terms as directed by the Court. The requirements for and validity and sufficiency of any such competing bid shall be subject to the approval and review of the Court. The Post-Petition Shares shall be issued to such person who submits and pays the highest amount at such auction with such bid approved by the Court.
The holders of Class 12 Claims are entitled to vote to accept or reject the Plan.
https://www.pacermonitor.com/view/7AZNMKY/Uni...0135.0.pdf
Here is the updated CLASS 12 requirements. I will highlight the changes:
Quote:
Class 12 consists of Interest Claims. Upon entry of the Confirmation Order, prepetition shares will be canceled. New stock in the Reorganized Debtor shall be issued (“PostPetition Shares”) to KHC, LLC, a Georgia Limited Liability Company (“KHC”) in exchange for a cash infusion in the amount of $500,000.00 which such funds shall be used to pay administrative expense claims and otherwise fund the operations and plan obligations of the Debtor. Kil Won Lee, the president of the Debtor, is the sole shareholder of KHC. If Class 11 does not vote to accept the Plan as a Class, then the following additional terms shall apply: KHC shall purchase 100% of the equity interest of the reorganized debtor. Such purchase may be subject to competing bids in the market place under certain circumstances. Specifically if Class 11 of unsecured claims do not vote to accept the Plan as a class as set forth in this provision, then, in that event third parties may be able to purchase the equity interest in the Reorganized Debtor complying with the Bid Procedures attached to the Disclosure Statement as “Exhibit D” and the Plan as Exhibit “B” or as otherwise ordered by the Court. The requirement for, sufficiency and validity of any such bid shall be subject to the approval and review of the Court at the Confirmation Hearing.
The holders of Class 12 Claims are deemed to accept the Plan.
https://www.pacermonitor.com/view/ZYOCB3I/Uni...0165.0.pdf
Slight changes to wording. Cash infusion increased from $50,000 to $500,000.
I will continue to look. Doc is linked for your viewing.
Investors,
Pacer updated with an new plan of re-organization. I have taken a VERY quick look at it, and still need time to review. So far, there is no change in the court date.
ALSO:
There is a change to the Class 12 requirements. This is the Class 12 previously stated back in Feb 20th:
Quote:
6.12 Class 12: Interest Claims
Class 12 consists of Interest Claims. Upon entry of the Confirmation Order, prepetition shares will be canceled. New stock in the Reorganized Debtor shall be issued (“PostPetition Shares”) to KHC, LLC, a Georgia Limited Liability Company (“KHC”) in exchange for a cash infusion in the amount of $50,000.00 which such funds shall be used to pay administrative expense claims and otherwise fund the operations and plan obligations of the Debtor. Kil Won Lee, the president of the Debtor, is the sole shareholder of KHC. If Class 11 does not vote to accept the Plan as a Class, then the following additional terms shall apply: KHC purchase of the 100% equity interest of the reorganized debtor may be subject to competing bids in the market place under certain circumstances. Specifically, if Class 11 of unsecured claims does not vote to accept the Plan as set forth in this provision, then in that event third parties may be able to purchase the equity interest of the reorganized debtor by appearing at the confirmation hearing and submitting a bid for the equity interests. At the Confirmation Hearing, an auction may be held at the direction and upon such terms as directed by the Court. The requirements for and validity and sufficiency of any such competing bid shall be subject to the approval and review of the Court. The Post-Petition Shares shall be issued to such person who submits and pays the highest amount at such auction with such bid approved by the Court.
The holders of Class 12 Claims are entitled to vote to accept or reject the Plan.
https://www.pacermonitor.com/view/7AZNMKY/Uni...0135.0.pdf
Here is the updated CLASS 12 requirements. I will highlight the changes:
Quote:
Class 12 consists of Interest Claims. Upon entry of the Confirmation Order, prepetition shares will be canceled. New stock in the Reorganized Debtor shall be issued (“PostPetition Shares”) to KHC, LLC, a Georgia Limited Liability Company (“KHC”) in exchange for a cash infusion in the amount of $500,000.00 which such funds shall be used to pay administrative expense claims and otherwise fund the operations and plan obligations of the Debtor. Kil Won Lee, the president of the Debtor, is the sole shareholder of KHC. If Class 11 does not vote to accept the Plan as a Class, then the following additional terms shall apply: KHC shall purchase 100% of the equity interest of the reorganized debtor. Such purchase may be subject to competing bids in the market place under certain circumstances. Specifically if Class 11 of unsecured claims do not vote to accept the Plan as a class as set forth in this provision, then, in that event third parties may be able to purchase the equity interest in the Reorganized Debtor complying with the Bid Procedures attached to the Disclosure Statement as “Exhibit D” and the Plan as Exhibit “B” or as otherwise ordered by the Court. The requirement for, sufficiency and validity of any such bid shall be subject to the approval and review of the Court at the Confirmation Hearing.
The holders of Class 12 Claims are deemed to accept the Plan.
https://www.pacermonitor.com/view/ZYOCB3I/Uni...0165.0.pdf
Slight changes to wording. Cash infusion increased from $50,000 to $500,000.
I will continue to look. Doc is linked for your viewing.
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