Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

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Allied Nevada Gold Plan Confirmed

The U.S. Bankruptcy Court confirmed Allied Nevada Gold's Amended Joint Chapter 11 Plan of Reorganization. The confirmation order states, "Classes 3, 5, and 7 are Unimpaired under the Amended Plan and the Holders of claims and interests in such classes are conclusively deemed to have accepted the Amended Plan....Article II of the Amended Plan further specifies the treatment of each Impaired Class, which are Classes 1, 2, 4, 6 and 8. Article II provides the same treatment for each Claim or Interest within a particular Class unless the Holder of a particular Claim or Interest has agreed to a less favorable treatment with respect to such claim or Interest....The evidence proffered or adduced at the Confirmation Hearing including, the Debtors' access to up to $95 million in exit financing, establishes that the Reorganized Debtors will have sufficient funds available to meet their obligations under the Amended Plan and service their debt obligations." As previously reported, "After giving effect to the following transactions contemplated by the Amended and Restated Restructuring Support Agreement and the Plan, the Debtors will emerge from chapter 11 appropriately capitalized with access to favorable financing to support their emergence and go-forward business needs: each Holder of an Allowed Secured ABL Claim shall receive, on the Effective Date: its Pro Rata (after giving effect to the Secured ABL $10MM Cash Payment) share of (i)(A) the Secured ABL/Swap Cash Payments not made prior to the Effective Date and (B) the Secured ABL/Swap Claims Excess Cash Flow Payment, and (ii) New First Lien Term Loans in an aggregate principal amount equal to (A) the amount of Allowed Claims pursuant to Article 2.7(b) of the Plan minus (B) the amount paid in cash in respect of the Secured ABL Claims pursuant to clause (i) of Article 2.7(c) of the Plan." Thisgold mining and exploration company filed for Chapter 11 protection on March 10, 2015, listing $1.5 billion in pre-petition assets.

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