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 / Bonds

Global A&T Electronics Plan Effective

Global A&T Electronics' Joint Chapter 11 Plan of Reorganization (with technical modifications), and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 22, 2017. BankruptcyData's detailed Plan Summary notes, "The Restructuring Support Agreement and Plan provide for a comprehensive restructuring of Claims against and Interests in the Debtors, preserve the going-concern value of the Debtors' businesses, maximize recoveries available to all constituents, and provides for an equitable distribution to the Debtors' stakeholders. More specifically, the Restructuring Support Agreement and Plan, provide, among other things, that on the Effective Date: the Debtors will issue $665 million in 8.5% New Secured Notes due 2022; will distribute approximately $517.64 million of the New Secured Notes to the Initial Noteholders and approximately $84.9 million of the New Secured Notes to the Additional Noteholders; distribute $8.89 million of cash to the Initial Noteholders; will distribute an additional $11.11 million of the New Secured Notes and $1.11 million of cash to the 2014 Plaintiff Initial Noteholders. UTAC, the Debtors' ultimate equity owner, will issue common equity to the Additional Noteholders in such amount as to constitute 31% of the outstanding common equity of UTAC on a post-emergence basis, subject to dilution by any post-emergence management incentive plan adopted by UTAC, with the Affinity Entities (other than the Affiliate Noteholder) and TPG collectively holding, directly or indirectly, the other 69% of the outstanding common equity of UTAC on a post-emergence basis." This semiconductor assembly and test services provider filed for Chapter 11 protection on December 17, 2017, listing $1.4 billion in pre-petition assets.

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