Bankruptcy News

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Bankruptcy/Chapter 11 / Bonds / Retailing

Brookstone Plan Filed

Brookstone filed with the U.S. Bankruptcy Court a Second Modified Joint Chapter 11 Plan of Reorganization.A related Disclosure Statement was not filed as a result of the May 19, 2014 Court order approving the Disclosure Statement. The Plan provides for the following: “Allowed Other Secured Claim shall receive, at the option of the…or Distribution Trustee, as applicable, receive one of the following methods of treatment: (a) an amount of Cash equal to the due and unpaid portion of such Allowed Other Secured Claim on the later of (x) the Effective Date or as soon as reasonably practicable thereafter.., (b) a return of the holder’s collateral securing such Other Secured Claim…All DIP Facility Claims are and shall be deemed Allowed Claims and, on the Effective Date, each holder of an Allowed DIP Facility Claim shall receive, in full and final satisfaction of such Claim, an amount of Cash equal to the amount of such Claim …Note holder claim: each holder of an Allowed Noteholder Claim shall receive, through the Noteholders Representative, on the Effective Date or as soon as reasonably practicable thereafter, in full and final satisfaction of such Claim…General Unsecured Claim :Each holder of an Allowed General Unsecured Claim, shall receive an amount of Cash equal to such holder’s Pro Rata share of the GUC Reserve Fund, Class 5A-Holdings Interests: all Holdings Interests shall be fully extinguished and discharged without any further action…Class 5B-Intercompany Interests : Each holder of an Allowed Intercompany Interest shall have its Allowed Intercompany Interest reinstated and rendered Unimpaired in accordance with section 1124(2) of the Bankruptcy Code.” Brookstone also filed a Supplement for this Plan. The Supplement contains the following documents: Exhibit A: form of distribution trust agreement, Exhibit B: form of claims and adjustment escrow agreement, Exhibit C: form of new governance documents, Exhibit D: form of reorganized Holdco notes, Exhibit E: identity of the committee representative and Exhibit F identity of the officers and directors of the reorganized Debtors.

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