Examples of Existing Senior Creditors in a sentence
Shareholders would be likely to receive NIL recovery in a liquidation scenario and will only be entitled to any recovery (if at all) after Existing Senior Creditors and all other senior unsecured creditors as well as Existing Perpetual Capital Securities Holders have been repaid in full.
On the Restructuring Effective Date, all Surplus Cash as at such date to be distributed to the Existing Senior Creditors pro rata to Existing Senior Claims.
As set out in the restructuring term sheet annexed to the Restructuring Support Agreement (the Restructuring Term Sheet), it is anticipated that all Existing Senior Creditors (as defined in the Restructuring Term Sheet) will have the opportunity to take exposure in relation to the Facilities.
Based on US$3.45 billion of debt plus accrued interest due to the Existing Senior Creditors1, the Shareholders, as equity holders, would very likely receive NIL recovery in a liquidation of NGL and only be entitled to any recovery (if at all) after the Existing Senior Creditors and all other senior unsecured creditors as well as Perpetual Capital Securities Holders have been paid in full.
Existing Senior Creditors will not participate in the Facilities directly, or be party to the Facility Agreement, but each Existing Senior Creditor will indirectly participate through a Participant which it selects and which agrees to be a Participant on behalf of that Existing Senior Creditor.
In connection with their vote on the Schemes, Existing Senior Creditors to be entitled to elect to risk participate in an amount of the New Trade Finance Facility pro rata to their Existing Senior Claims in accordance with paragraph 3.2(a) below.
PRAYER FOR RELIEF WHEREFORE, based upon all the allegations set forth above, the United States of America requests that this Court:1.
The allocation of equity interest in New Noble to Existing Shareholders has been proposed by the Existing Senior Creditors to provide Existing Shareholders with the opportunity to participate in the future of New Noble Group after the completion of the proposed Restructuring.
These amounts will increase by the relevant Scheme record date due to accrued PIK interest on their respective Existing Senior Claims accruing and will therefore lower the notional value of Tranche B of the New Asset Co Bonds available to other Existing Senior Creditors.
On the Restructuring Effective Date, 70% of the equity of New Noble will be held by Existing Senior Creditors (through the Senior Creditor SPV).