Bankruptcy News

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

Industry / Bankruptcy/Chapter 11

GT Advanced Technologies Plan Filed

GT Advanced Technologies (GTAT) filed with the U.S. Bankruptcy Court an Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The Debtors are proposing the Plan following extensive negotiations with certain of their key stakeholders, including the Financing Support Parties, the Consenting Parties, and the Creditors' Committee. As a result of these discussions, these key stakeholders have agreed to support the restructuring set forth in the Plan. In connection with the Plan, the Financing Support Parties have committed $80 million of Exit Financing that will fund, in part, the Debtors' obligations under the Plan. Without new financing, the Debtors could not emerge from chapter 11 as a going concern." The Disclosure Statement also notes, "On January 4, 2016, the IRS filed an administrative expense claim (the 'IRS Claim') against GT Inc. in the aggregate amount of approximately $53 million. The amount asserted in the IRS Claim reflects the tax refunds that the Debtors previously received in respect of the 2011 and 2012 tax years….If the IRS Claim is not disallowed by the time the Effective Date of the Plan is to occur, the Debtors will not be able to satisfy the Closing Cash condition and the Plan will not be able to go effective."

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