10-K Sept 27, 2016 Milestones
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations page 54
As amended, the Restructuring Support Agreement also contains the following proposed milestones (the “Milestones”) for progress in the Chapter 11 proceedings:
• no later than October 7, 2016, the Bankruptcy Court will have commenced the hearing to consider confirmation of the Plan (the “Confirmation Hearing”);
• no later than October 13, 2016, the Bankruptcy Court will have entered an order authorizing the assumption of the Restructuring Support Agreement;
• no later than October 13, 2016, the Bankruptcy Court will have entered the confirmation order with respect to the Plan; and
• no later than October 27, 2016, the Debtors shall consummate the transactions contemplated by the Plan, it being understood that the satisfaction of the conditions precedent to the Effective Date (as set forth in the Plan) shall be conditions precedent to the occurrence of the Effective Date.
The Confirmation Hearing is currently set for October 17, 2016, but may change depending upon the outcome of, among other things, mediation and other developments in the Chapter 11 Cases. The Debtors anticipate entering into a further Restructuring Support Agreement amendment to modify the Milestones to reflect this new timeline in the near term.
The Majority Restructuring Support Parties have the right, but not the obligation, to terminate their obligations under the Restructuring Support Agreement upon the failure of the Debtors to meet any of the Milestones set forth above unless (i) such failure is the direct result of any act, omission, or delay on the part of any Restructuring Support Party in violation of its obligations under the Restructuring Support Agreement or (ii) such Milestone is extended with the express prior written consent of the Majority Restructuring Support Parties.
