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Ampex files amended plan support agreement setting June 15 deadline for disclosure hearing
By Jennifer Lanning Drey
Portland, Ore., June 5 - Ampex Corp. filed an amended plan of reorganization support agreement that modifies the terms for termination to state that a hearing to consider the disclosure statement for the company's plan of reorganization must occur by June 15, according to an 8-K filing made Thursday with the Securities and Exchange Commission.
The original agreement stated that the disclosure hearing must occur within 45 days of the company's March 31 Chapter 11 filing.
The amended agreement also shortened the allowed time for the plan confirmation hearing to 35 days after the disclosure hearing. The previous agreement allowed 75 days.
As previously reported, the plan support agreement is between Ampex, Hillside Capital, Credit Suisse Asset Management LLC and GMAM Investment Funds Trust II.
According to the original agreement, the deadlines can be extended jointly by Ampex, Hillside and consenting senior secured noteholders holding at least 51% of the outstanding principal amount of the senior secured note claims.
Ampex also filed a second amended joint plan of reorganization and related disclosure statement. Plan creditor treatment in the amended plan is the same as in the original plan.
Upon emergence from Chapter 11, Hillside, the company's largest secured and unsecured creditor, will provide new financing to be used for working capital, to repay long-term obligations, including some senior secured notes, and to fund future pension obligations.
Ampex is a Redwood City, Calif., technology licensing company. Its Chapter 11 case number is 08-11094.
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