Since the Petition Date, the Debtors and their professional advisors have been working diligently to develop the Global Business Plan to serve as the foundation for their restructuring activities. As part of this process, the Debtors have engaged in in-depth discussions with the administrative agent under the DIP Facility, the DIP Lenders, the agent for the Debtors' prepetition first lien lenders, the official committee of unsecured creditors appointed in these chapter 11 cases (the "Creditors' Committee") and their respective advisors regarding the substance of the Global Business Plan. The Debtors expect to meet the DIP Milestone of delivering the Global Business Plan by August 11, 2016.Milestones from DIP Facility
By November 9, 2016, the Debtors must file with the Court an Acceptable Reorganization Plan and related disclosure statement;
By January 8, 2017, the Debtors must obtain Court approval of the disclosure statement and solicitation procedures with respect to the Acceptable Reorganization Plan;
By March 9, 2017, the Debtors must obtain Court confirmation of the Acceptable Reorganization Plan; and
The "effective date" in respect of the confirmed Acceptable Reorganization Plan must occur on or before April 8, 2017.