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Bicent Holdings announces Aug. 21 reorganization plan effective date
By Jim Witters
Wilmington, Del., Aug. 22 - Bicent Holdings, LLC announced an Aug. 21 effective date for its amended joint plan of reorganization, according to documents filed Aug. 22 with the U.S. Bankruptcy Court for the District of Delaware.
The court confirmed the company's reorganization plan on July 31.
Bicent's bankruptcy is a pre-arranged plan of reorganization with its supporting first-lien and second-lien lenders.
Plan terms
Under the plan:
• Holders of administrative claims, priority tax claims, other priority claims and fee claims were to be paid in full on the plan effective date;
• Holders of first-lien credit facility claims 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" - receive 5% of the stock in the reorganized company;
• Holders of second-lien claims 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 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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