Tuesday, August 11, 2015

RadioShack (RS Legacy Corporation) Amended Plan and Disclosure Statement

  • September 10 will be the voting deadline and September 16 the Combined Hearing on the plan, according to an amended timeline filed on Friday.
  • "Class 9 Interests (Stock Interests in RadioShack) are impaired. On the Effective Date, all outstanding Stock Interests of RadioShack will be cancelled. Upon such cancellation, no property will be distributed to, or retained by, holders of such Stock Interests of RadioShack. On the Effective Date, the Liquidating RadioShack Stock will be issued to the Liquidating Trust."
  • "'Effective Date' means the earliest possible date, as determined by the Debtors, that is a Business Day on or after the date on which all conditions to the effective date in Section VIII.B. have been met or waived pursuant to Section VIII.C."
  • "The following shall be conditions to Confirmation unless such conditions shall have been duly waived pursuant to Section VIII.C.: 1. The Confirmation Order shall have been entered by the Bankruptcy Court and shall be reasonably acceptable in form and substance to the Debtors, the SCP Secured Parties and the Creditors' Committee. 2. The Plan will not have been materially amended, altered or modified from the Plan as Filed on _____, 2015 except as permitted by Section XI.B. 3. All Plan Exhibits are in form and substance reasonably satisfactory to the Debtors, the SCP Secured Parties and the Creditors' Committee."
  • The Effective Date shall not occur and the Plan shall not be consummated unless and until each of the following conditions has been satisfied or duly waived pursuant to Section VIII.C.: 1. The Bankruptcy Court shall have entered an order (contemplated to be part of the Confirmation Order) in form and substance reasonably acceptable to the Debtors, the SCP Secured Parties and the Creditors' Committee approving and authorizing the Debtors and the Liquidating Trustee to take all actions necessary or appropriate to effectuate, implement and consummate the Plan, including the execution, delivery and performance of contracts, instruments, releases and other agreements or documents created in connection with the Plan. 2. The Confirmation Order has become a Final Order. 3. The Liquidating Trust Agreement has been executed and the Liquidating Trust has been established.

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