Motor Coach Industries International, Inc. has filed its first amended proposed plan of reorganization and accompanying disclosure statement. The disclosure statement expresses the debtors’ view that the plan would significantly deleverage the company’s balance sheet by paying $160 million of second lien obligations in full and discharging $480 million in pre-bankruptcy indebtedness. The plan would also reduce the company’s interest expense, thereby improving cash flow and generate $160 million in new capital through a rights offering.
The proposed plan provides that holders of Secured Third Lien Credit Agreement Claims will receive up to 33.6% of the value of their claims (but possibly significantly less) through the issuance of new equity and the opportunity to participate in the rights offering. Holders of general unsecured claims and holders of equity/interests in the Company will not receive anything under the plan and will have their claims/interests discharged.
A copy of the plan and disclosure statement can be downloaded here.
Categories: Bankruptcy and Restructuring News · Disclosure Statement · Major Bankruptcy Case Events · Plan of Reorganization
Tagged: bankrupt, bankruptcy, chapter 11, claim, coach, credit agreement, creditor, debt, disclosure, Disclosure Statement, indebtedness, industries, interest, international, motor, motor coach, motor coach industries, motorcoach, plan, Plan of Reorganization, reorganization, rights offering, second lien, statement, third lien
Louisiana Riverboat Gaming Partnership (a/k/a Legends Gaming) has filed a proposed plan of reorganization and accompanying disclosure statement for itself and its affiliates. The claims of the companies’ first lien lenders ($158.1 million) and second lien lenders ($72 million) will be paid in full over time and the Chairman of the company (William J. McEnery) will contribute a new $15 million investment in the reorganized companies’ equity. General unsecured claims against the companies will also be paid in full with interest at a rate of 6%.
A copy of the plan and disclosure statement can be downloaded here.
Categories: Bankruptcy and Restructuring News · Disclosure Statement · Major Bankruptcy Case Events · Plan of Reorganization
Tagged: bankrupt, bankruptcy, chapter 11, claims, creditors, disclosure, Disclosure Statement, first, gaming, interests, investment, legends, legends gaming, lenders, lien, louisiana, louisiana riverboat, mcenery, partnership, plan, Plan of Reorganization, reorganization, riverboat, second, statement, william
On December 15th, Linens ‘n Things (Linens Holding Co.) filed a second amended joint plan of reorganization and the accompanying disclosure statement. The plan provides for a global compromise between the debtors (Linens ‘n Things), the debtors’ senior noteholders, and the Creditors’ Commitee. The global compromise provides, among other things, for the creation of the LNT Liquidating Trust and the funding of a wind-down budget from the senior noteholders’ collateral.
A copy of the plan and disclosure statement can be viewed here.
Categories: Bankruptcy and Restructuring News · Disclosure Statement · Major Bankruptcy Case Events · Plan of Liquidation
Tagged: 'n, amended, bankrupt, bankruptcy, chapter 11, chapter 7, claims, creditors, creditors' committee, disclosure, Disclosure Statement, joint, linens, linens 'n things, linens holding, liquidate, liquidation, noteholders, notes, plan, Plan of Reorganization, reorganization, second, senior, statement, things
