Except as otherwise expressly provided in the Plan or this Confirmation Order, none of New TBS Parent, the Released Parties or the Exculpated Parties shall be determined to be successors to any of the Debtors or to any Person for which the Debtors may be held legally responsible, by reason of any theory of law or equity, and none can be responsible for any successor or transferee liability of any kind or character.
On the Effective Date, the New Boards of New TBS Parent and each Reorganized Debtor shall be appointed, and each shall adopt its New Articles of Association and/or New Bylaws (as applicable).
On the Effective Date, the New Boards of New TBS Parent and the Reorganized Debtors shall, automatically and without further action on the part of the New Boards of New TBS Parent or the Reorganized Debtors, be authorized and directed to take any and all actions necessary and appropriate to perform under any other employment agreements assumed by the Debtors, as provided in the Plan.
On and after the Effective Date, the business and affairs of New TBS Parent and the Reorganized Debtors shall be managed by the New Boards and the officers, directors, managers, or other responsible persons identified in the Plan Supplement.
New TBS Parent, the Released Parties and Exculpated Parties do not agree to perform, pay, or indemnify creditors or otherwise have any responsibilities for any liabilities or obligations of the Debtors or the Reorganized Debtors, whether arising before, on, or after the Confirmation Date, except as otherwise expressly provided in the Plan.