Presumed to Accept. Class 9 Intercompany Claims On the Effective Date or, if such Claim is subsequently Allowed, then the date such Class 9 Claim becomes Allowed or as soon as reasonably practicable thereafter, each Intercompany Claim will be Reinstated. Unimpaired / Presumed to Accept Class 10 Equity Interests in LATAM Parent Existing Equity Interests in LATAM Parent shall be retained and reinstated subject to the dilution referred to below. No distribution shall be made under the Plan in respect of Existing Equity Interests in LATAM Parent. On the Effective Date, Holders of Existing Equity Interests in LATAM Parent shall be diluted by the issuance of ERO New Common Stock and the New Convertible Notes Backup Shares, including any conversion of the New Convertible Notes into equity, and the Management Incentive Plan, such that they hold no more than 0.1% of the common stock in LATAM Parent. Impaired / Deemed to Reject pursuant to Section 1126(g) of the Bankruptcy Code Class 11 Equity Interests in Debtors other than LATAM Parent On the Effective Date, Equity Interests in Debtors other than LATAM Parent shall be preserved and Reinstated so as to maintain the organization structure of the Debtors as such structure exists on the Effective Date. Unimpaired / Presumed to Accept pursuant to Section 1126(f) of the Bankruptcy Code Plan Enterprise Value $14,0005 million, which for the avoidance of doubt assumes conversion of all New Convertible Notes Plan Equity Value $7,6116 million 5 Illustrative assumption reflecting mid-point of potential range of $13,000 million -$15,000 million; not a PJT valuation and subject to change. 6 Illustrative assumption, not based on a PJT valuation and subject to change. Reflects assumed $700 million operating cash level which is netted against debt.
Presumed to Accept. 3 As used herein, “
Presumed to Accept. RBL Claims On the Plan Effective Date, each holder of an allowed RBL Claim that has voted to accept the Plan shall receive its pro rata share of: (a) cash in an amount equal to all accrued and unpaid interest (at the non-default rate so long as the Restructuring Support Agreement has not been terminated), fees, and other amounts (excluding amounts owed for principal, undrawn letters of credit and contingent reimbursement and indemnification obligations) owing under the RBL Facility through the Plan Effective Date as set forth in the RBL Documents (the “RBL Cash Distribution”), to the extent not previously paid; (b) the Revolving Loans; (c) the New Warrants; and (d) the Second Out Term Loans; and each holder of an allowed RBL Claim that has not voted on the Plan or has voted to reject the Plan shall receive its pro rata share of: (a) the RBL Cash Distribution, to the extent not previously paid; and (b) the Last Out Term Loans. Impaired – Entitled to Vote Other Secured Claims Each holder of an allowed secured claim (other than a priority tax claim or RBL Claim) shall receive (a) cash equal to the full allowed amount of its claim, (b) reinstatement of such holder’s claim, (c) the return or abandonment of the collateral securing such claim to such holder, or (d) such other less favorable treatment as may otherwise be agreed to by such holder and the Debtors (with the consent of the RBL Agent and the Required Consenting Noteholders). Unimpaired – Deemed to Accept
Presumed to Accept. Other Priority Claims Except to the extent that a holder of an allowed Other Priority Claim (as defined herein) agrees to a less favorable treatment, in full and final satisfaction of such allowed Other Priority Claim, each holder of an allowed Other Priority Claim will, at the option of the Company Parties or the Reorganized Debtors, but with the consent of the Required Consenting Noteholders, (i) be paid in full in cash or (ii) otherwise receive treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code, payable on the later of the Plan Effective Date and the date that is ten (10) Business Days after the date on which such Other Priority Claim becomes an allowed Other Priority Claim, in each case, or as soon as reasonably practicable thereafter. As used in this Term Sheet, “
Presumed to Accept. Subordinated Claims All Claims subject to subordination in accordance with sections 510(b)-(c) of the Bankruptcy Code or otherwise (the “Subordinated Claims”), if any, shall be discharged, cancelled, released, and extinguished as of the Plan Effective Date, and will be of no further force or effect, and holders of allowed Subordinated Claims will not receive any distribution on account of such allowed Subordinated Claims. Impaired –
Presumed to Accept. RSA Ex. 2 - p. 19 First Lien Claims6 Except to the extent that such holder agrees in writing to less favorable treatment, on the Plan Effective Date each holder of an allowed First Lien Claim will receive, in full and final satisfaction, settlement, discharge and release of, and in exchange for, its allowed First Lien Claim, its pro rata share of:
Presumed to Accept. 510(b) Claims On the Plan Effective Date, each 510(b) Claim shall be cancelled, released, discharged, and extinguished and shall be of no further force or effect, and holders of 510(b) Claims shall not receive any distribution on account of such 510(b) Claims.
