No IMO if you are referring to current creditors...here are the provisions under Monty's plan for satisfying pre petition creditor class claims....
TREATMENT OF CLAIMS
3.1 Unimpaired Classes. Class 1 (Secured Claims) is unimpaired and the Holders of
Claims in such class are deemed to have accepted the Plan. Plan proponent does not know of
any Claims which exist in this Class 1, but should more than one such Claim become an Allowed
Claim, then this Class 1 shall be divided into sub-classes with each such Allowed Claim being
the sole member of a sub-class.
3.1(a) Class 1 - Secured Claims. On the Effective Date of the Plan, except as
otherwise agreed between the Debtor and any Holder of an Allowed Class 1 Claim, the Debtor
shall, at Debtor's option, either (i) deliver possession to the Holder of an Allowed Class 1 Claim
all property securing such Claim, or (ii) cure any default (other than a default of a kind specified
in Section 365(b)(2) of the Bankruptcy Code) that occurred before or after the Petition Date, the
occurrence of which entitles a Holder of an Allowed Class 1 Claim pursuant to any contractual
provision or applicable law to demand or receive accelerated payment of such Claim, and the
maturity of such Claim shall be reinstated as such maturity existed before such default.
Payments by the Debtor necessary to cure any such defaults shall, upon the agreement of the
Holder of an Allowed Class 1 Claim and the Debtor, be made in Cash. This Plan shall not
otherwise alter the legal, equitable or contractual rights held by the Holder of an Allowed Class 1
Claim.
3.2 Impaired Classes. Classes 2, 3, 4 and 5 are impaired and Holders of Claims in
Class 2, 3 and 4 are entitled to vote to accept or reject the Plan.
3.2(a) Class 2 - Note Holders. On the Effective Date of the Plan, the Debtor
shall issue to each Holder of a Class 2 General Unsecured Claim (a) a promissory note in the
principal amount of 100% of such Holder’s Allowed Class 2 Claim and which bears simple
interest at 6% per annum and is payable in Cash in annual installments commencing on March
31, 2012, and each March 31 thereafter until March 31, 2019, such payments to be in the
amount of 50% of Reorganized Debtor’s Net Operating Income for the prior year as certified by
the Debtor’s outside accountant. The Holders of Allowed Class 2 Claims against X Int’l shall
also receive their pro rata share of 5% of the Reorganized Debtor Stock. The distributions made
to the Holders of Allowed Class 2 Claims shall be made in full and final satisfaction of all
Claims held by such Holders.
3.2(b) Class 3 - Trade Creditors Unsecured Claims. On the Effective Date of the
Plan, the Debtor shall issue to each Holder of a Class 3 General Unsecured Claim (a) a
promissory note in the principal amount of 100% of such Holder’s Allowed Class 3 Claim and
which bears simple interest at 6% per annum and is payable in Cash in annual installments
commencing on March 31, 2011, and each March 31 thereafter until March 31, 2018 such
payments to be an amount equal to one-sixth of the principal amount of such Holder’s claim plus
interest accrued thereon in the prior year. The distributions made to the Holders of Allowed
Class 2(a) Claims shall be made in full and final satisfaction of all Claims held by such Holders.
3.2(c) Class 4 - Administrative Convenience Claims. The Holders of Allowed
Class 4 Claims shall be paid in cash on the Effective Date of the Plan, $0.50 for each $1.00 of
Allowed Claim held by such Holder in full and final satisfaction of all Claims of such Holder. If
the aggregate amount of Allowed Class 2(b) Administrative Convenience Claims exceeds
$100,000, then the Debtor may elect to either (a) still pay each Holder $0.50 for each $1.00 of
Allowed Claim held by such Holder in full and final satisfaction of all Claims of such Holder; or
(b) cancel Class 4 in which case each Holder will be treated under Class 3.
3.2(d) Class 5 - Equity Interests. The Holders of Allowed Class 5 Equity
Interests in X Int’l shall have their Equity Interest cancelled. The Plan Proponent shall, from the
equity he shall receive on account of his capital contribution under this Plan, provide for the
Holders of Allowed Class 5 Equity Interests in X Int’l to receive their pro rata share of 10% of
the Reorganized Debtor Stock. X Int’l, as the sole Holder of Allowed Class 5 Equity Interest in
X Inc., shall retain its Equity Interest in X, Inc.
3.3 Reservation of Rights Regarding Claims. Except as otherwise explicitly provided
in the Plan, nothing shall affect the Debtors’, or the Creditors’ Committee’s, rights and defenses,
both legal and equitable, with respect to any Claims, including, but not limited to, all rights with
respect to legal and equitable defenses to alleged rights of setoff or recoupment.
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