Unsecured Subordinated Debenture Claims (Class 8A)Wow - opening bid from the company is 0 for the subordinated notes and 0 for the equity. Will be interesting to see what those do tomorrow, they've had big rallies!
i. Classification: Class 8A consists of all Unsecured Subordinated Debenture Claims against PEC.
ii. Treatment: In accordance with the provisions in the 2066 Subordinated Indenture and section 510(a) of the Bankruptcy Code, holders of Unsecured Subordinated Debenture Claims have no right to receive any Distributions and, therefore, in accordance with the terms of the 2066 Subordinated Indenture, shall receive no recovery under the terms of the Plan until holders of General Unsecured Claims are paid in full.
iii. Voting: Holders of Claims in Class 8A are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code, and are not entitled to vote to accept or reject the Plan.
PEC Interests (Class 11A)
i. Classification: Class 11A consists of all PEC Interests.
ii. Treatment: PEC Interests shall be extinguished, cancelled and discharged as of the Effective Date, and holders of PEC Interests shall neither receive nor retain any property or Distribution in respect of such Interests.
iii. Voting: Class 11A is Impaired. Holders of PEC Interests are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code, and are not entitled to vote to accept or reject the Plan.