Bankruptcy News

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

Bankruptcy/Chapter 11

GT Advanced Technologies Plan/Exhibits Filed, Plan Confirmed

GT Advanced Technologies filed with the U.S. Bankruptcy Court an Amended Joint Plan of Reorganization, which incorporates technical modifications and states that the Plan's effective date shall occur by March 14, 2016. The Plan also adds the following text, "The New Board shall consist of up to seven directors, a majority of whom are Independent. The New Board shall include David Keck, four directors be nominated by the Financing Support Parties after consultation with David Keck (at least three of whom shall be Independent), and up to two Independent directors proposed by the restructuring committee of the Debtors' board of directors and approved by the Financing Support Parties. The foregoing board designation rights shall relate solely to the New Board as of the Effective Date and shall not continue after the selection of the initial New Board. Thereafter, the board designation rights shall be held by the holders of the Preferred Stock in a manner provided in Reorganized GT Inc.'s New Organizational Documents (including the Shareholder Agreement)." The Debtors also filed modified Exhibits 3, 8, 14 and 16 to the Plan Supplement. The Court subsequently entered an order confirming the Plan.

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