It seems like we will get 0.01¢
First Amended Reorganization Plan Approved for Cosi Inc.
Apr 25 17
The US Bankruptcy Court approved the first amended plan of reorganization of Cosi, Inc. on April 25, 2017. The debtor filed its modified first amended plan in the Court on April 22, 2017. Under the plan, the administrative claims of $0.23 million, US Trustee fees of $0.01 million, Priority tax claims and professional fees of $0.84 will be paid in full in cash. The DIP facility claim of $7.5 million will be paid through debt. The JP Morgan Chase secured claims will be paid in full in cash. The noteholder secured claims of $5 million will be paid through issuance of 100% new equity of the reorganized debtor to noteholders. Continuing Employment claims and customer claims will be paid in full in cash. General unsecured claims of $13.5 million will have an estimated recovery of 15.1% and noteholder general unsecured claims of $2.79 million will have an estimated recovery of 19.2%. Intercompany claims and interests will be reinstated. The existing equity interests will be cancelled. The plan will be funded from cash on hand, issuance of new debt documents, exit facility and new equity of the reorganized debtor.
