Notice of Settlement
Following a successful mediation with Judge David R. Jones, the Debtors, the Official Committee of Unsecured Creditors, Thirty Two, LLC, and Delaware Trust Company, in its capacity as indenture trustee for the Debtors’ unsecured 5.25% senior notes, have reached a settlement agreement that resolves certain contested matters and will provide the basis for a consensual plan of reorganization. The settlement term sheet (the “Settlement Term Sheet”) may be accessed here.
As part of the settlement, unsecured creditors that are Accredited Investors (as defined in 17 C.F.R. §230.501) or Qualified Institutional Buyers (as defined in 17 C.F.R. §230.144A) have the opportunity to provide binding commitments for their share of a $75 million backstop commitment, which commitments must be memorialized in an agreement with the Debtors by June 17, 2019. Further information regarding the backstop commitment can be found in the Settlement Term Sheet.
Any of the Debtors’ unsecured creditors interested in providing a binding commitment should immediately reach out to Jon Walters of PJT Partners at either: firstname.lastname@example.org or (212) 364-1992. Such creditors will be able to receive additional information about the Debtors and the backstop commitment upon executing a non-disclosure agreement with the Debtors.