Elah Holdings Inc fka RELYQ (ELLH)

[Enterprising Investor]

New World Acquisitions LLC files plan.

Merges FGCC and FRC into Debtor. The company will structure, originate and manage a diversified portfolio of commercial and residential mortgages, mortgage securities, corporate debt and asset-backed securities, sourced as new transactions or purchased in the secondary market. Acquisitions of savings and loans and community banks are part of the plan.

Plan provides (1) $4 million equity investment and (2) $20 million in exit financing (seven-year secured credit facility at 8 percent).

New World receives warrants to acquire shares in the new company for $30 million at an average $.67 per share. Ownership will be about 15 percent.

The plan will make substantial cash payment to unsecured creditors, except for FMNPQ, which are destined to be reinstated.

[Thanks Pres!]