Preferred Stock Investing-The Good , The Bad and The In Between
Bob, I think the preferreds will be dispersed quickly if this is approved...Look at the terminology around “effective date”...New common stock has to be issued at this time for the company to be off an running...So it would look like it would come almost instantly...But again, I know nothing and would be more qualified for custodial cleaning work than legal work...
6.15 Issuance of New HoldCo Common Stock. On and after the Effective Date, Reorganized HoldCo is authorized to issue, or cause to be issued, the New HoldCo Common Stock in accordance with the Plan and the Plan Documents, all without the need for any further corporate, limited liability company, or shareholder action. All of the New HoldCo Common Stock distributable under the Plan shall be duly authorized, validly issued, and fully paid and non-assessable.
6.16 Exit Financing. On the Effective Date, the Exit Financing Documents shall be executed and delivered. The Reorganized Debtors shall be authorized to execute, deliver, and enter into and perform under the Exit Financing Documents and to consummate the Exit Financing without the need for any further corporate action and without further action by the holders of Claims...
4.33 Class 11B – Utility Preferred Interests.
(a) Treatment: On the Effective Date, all Utility Preferred Interests shall be reinstated.
(b) Impairment and Voting: The Utility Preferred Interests are Unimpaired, and holders of Utility Preferred Interests are presumed to have accepted the Plan.
4.34 Class 12B – Utility Common Interests.
(a) Treatment: On the Effective Date, all Utility Common Interests shall be reinstated.
(b) Impairment and Voting: The Utility Common Interests are Unimpaired, and the holders of Utility Common Interests are presumed to have accepted the Plan.
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