Some interesting provisions:
WHEREAS, on September 8, 2016, the Debtors, the first lien agent, the ad hoc committee of Second Lien Noteholders, the ad hoc committee of EGC Unsecured Noteholders, the indenture trustee for the EGC Unsecured Noteholders, the ad hoc group of EPL Unsecured Noteholders, the indenture trustee for the EPL Unsecured Noteholders, and the official committee of unsecured creditors attended an in-person settlement meeting during which no agreement was reached to amend the Plan;
WHEREAS, following the filing of the Disclosure Statement and the Plan, the Debtors, in consultation with the Independent Directors and their respective Boards, have continued to engage in extensive, good-faith, arms’ length negotiations with the Restructuring Support Parties on the terms of the Plan;
WHEREAS, as a result of these negotiations, the Parties decided to amend the Restructuring Support Agreement as set forth in this Amendment;
(c) Section 4(j) of the Restructuring Support Agreement is hereby deleted and replaced in its entirety with the following:
no later than October 13, 2016, the Bankruptcy Court shall have entered the Confirmation Order; and
(d) Section 4(k) of the Restructuring Support Agreement is hereby deleted and replaced in its entirety with the following:
no later than October 27, 2016, the Debtors shall consummate the transactions contemplated by the Plan (the date of such consummation, the “Effective Date”), it being understood that the satisfaction of the conditions precedent to the Effective Date (as set forth in the Plan and the Term Sheet) shall be conditions precedent to the occurrence of the Effective Date.
Each holder of an EXXI Convertible Notes Claim receives such holder’s Pro Rata share of, on the Effective Date, .2% of the New Equity under the Plan, subject to dilution by the Management Incentive Plan.
11.6% of the New Equity will be deposited into a trust (the “EGC Intercompany Note Trust”) and distributed in accordance with the EGC Intercompany Note Trust Distribution.
The Management Incentive Plan shall be capped at 5%.