FiberTower Plan Filed
FiberTower filed with the U.S. Bankruptcy Court a Second Amended Chapter 11 Plan and related Disclosure Statement in order to accommodate certain modifications requested at the October 29, 2013 Disclosure Statement hearing. According to documents filed with the Court, “In summary, the principal terms of the Plan...are as follows: (i) the holders of the 2016 Notes...will receive one hundred percent (100%) of the common equity in Reorganized FiberTower, in the form of shares of New FiberTower Common Stock; and (ii) Reorganized FiberTower shall receive one hundred percent (100%) of the New FiberTower Subsidiary Equity Interests in Reorganized FiberTower Network Services and Reorganized FiberTower Licensing, and Reorganized FiberTower Licensing shall receive one hundred percent (100%) of the New FiberTower Subsidiary Equity Interests in Reorganized FiberTower Spectrum, such that the Debtors’ corporate structure shall effectively remain in place following the Effective Date and (iii) the holders of the Allowed 2016 Deficiency Claims, Allowed 2016 guaranty Deficiency Claims, Allowed 2012 Claims, Allowed 2012 Guaranty Claims, and Allowed General Unsecured Claims will receive their Pro Rata share of the Litigation Trust Interests. The Litigation Trust shall hold and administer the Litigation Trust Assets (consisting of claims or Causes of Action arising under Chapter 5 of the Bankruptcy Code and the Estate D&O Claims or the proceeds thereof) for the benefit of the Beneficiaries.” The Court scheduled a January 15, 2014 hearing to consider confirming the Plan.
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