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More Yahoo: by frtgrdn21

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WIDESPREAD PANIC   Thursday, 11/20/08 04:24:30 PM
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More Yahoo: by frtgrdn21

Interesting perspective 3-Nov-08 09:28 am Like I posted earlier, do you think this is an agreement the Subs and unsecured debt holder will agree too?


The main unsecured creditors included Duane Morris LLP, Greenwich Capital Financial Products, Inc., HSBC Securities USA Inc., JPMorgan ... Chase Bank, NA, Merrill Lynch & Co., Inc., SS&C Technologies Holdings Inc., Street Solutions, Inc., WaMu Capital Corp, Wells Fargo & Company, and Wilmington Trust Company. Official Committee of Unsecured Creditors is being represented Jeffrey Neil Rothleder of Arent Fox LLP.

Under the plan (Which ARCO and LUM first came up with and petitioned the court with), Arco Capital Corp. would swap $28.88 million in secured debt for 51% of the equity in a reorganized Luminent. The unsecured creditors, which are owed a total of $209.72 million, including the holders of $90 million in convertible notes, would get a 41% stake in the reorganized company. The remaining 8% of Luminent's stock would be distributed to certain company executives. The plan does not mention Arco's distributions or the recoveries of unsecured creditors. Convenience claim, which are owed $2.3 million, would recover 13% on their claim. All other claims, including more than $90 million in junior subordinated notes, will be wiped out. Arco will also provide the company with $7.35 million. The exit finance would be used to refinance $3.24 million DIP and to pay $0.30 million to small trade creditors and $1 million for federal tax claims. Rating :





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