GT Advanced tweaks plan releases, agrees to DIP facility amendment

By Caroline Salls

Pittsburgh, Feb. 1 – GT Advanced Technologies Inc. filed an amended plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the District of New Hampshire and agreed to an amendment to its debtor-in-possession credit agreement, according to an 8-K filed Monday with the Securities and Exchange Commission.

Specifically, the amended plan changes the releases to be provided under the plan.

In addition to releases in favor of directors and officers and releases for financing support parties, consenting parties and claimants who are either entitled to vote on the plan and do not opt out of the release, are paid in full or are deemed to have accepted the plan, which were included in the previous version of the plan, in favor of debtor releasees and director and officer releasees, the amended plan adds releases.

The additional releases apply to debtor releasees, director and officer releasees, the litigation trust created under the plan, the litigation trustee and claimants against any of the debtors other than those releasees.

Those releases cover those who are entitled to vote on the plan and do not opt out of the release, those who are paid in full or those who are deemed to have accepted the plan, in favor of plan support party releasees and DIP facility lender releasees.

The amended plan does not change the proposed treatment of creditors.

Under the DIP facility amendment, GT’s deadline for obtaining court approval of the disclosure statement was extended to Feb. 1 from Jan. 22.

According to an entry on the docket for the company’s bankruptcy case, the disclosure statement hearing was held on Monday. No order had been filed as of Monday evening.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 under Chapter 11 case number 14-11916.

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