Bicent Holdings' amended joint plan of reorganization confirmed

By Jim Witters

Wilmington, Del., Aug. 1 - Bicent Holdings, LLC's amended joint plan of reorganization was confirmed July 30, according to documents filed Aug. 1 with the U.S. Bankruptcy Court for the District of Delaware.

Bicent's bankruptcy is a pre-arranged plan of reorganization with its supporting first-lien and second-lien lenders.

Bicent attorneys said they would announce a plan effective date "as soon as practical."

Plan terms

Under the confirmed plan:

• Holders of administrative claims, priority tax claims, other priority claims and fee claims will be paid in full on the plan effective date;

• Holders of first-lien credit facility claims will receive 95% of the equity of the post-emergence company;

• The backstop lenders - identified as "one or more entities or accounts managed by Strategic Value Partners or GSO Capital Partners" - will receive 5% of the stock in the reorganized company;

• Holders of second-lien claims will receive a share of $1.5 million in cash, if they vote as a class to accept the plan;

• Holders of subordinated securities claims, subordinated claims, mezzanine credit facility claims, intercompany claims, general unsecured claims or equity interests in Bicent Holdings, Bicent R.F. LLC, Bicent Funding, Bicent Power or their subsidiaries, will receive no distribution; and

• Holders of other secured claims will have their claims reinstated.

Bicent Holdings, the Lafayette, Colo.-based parent company for Bicent Power LLC, which operates electric generating facilities, filed for bankruptcy on April 23. Its Chapter 11 case number is 12-11304.

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