Seabras 1 USA plan of reorganization confirmed by bankruptcy court

By Caroline Salls

Pittsburgh, June 30 – Seabras I USA, LLC’s plan of reorganization was confirmed Tuesday by the U.S. Bankruptcy Court for the Southern District of New York.

According to the disclosure statement, Seabras, its existing lenders and some funds, affiliates or accounts managed or advised by Partners Group Seabras, LLC or any of its affiliates, reached an agreement in principle in April under which the funds will act as plan sponsor and will provide the Seabras debtors with $27.5 million to fund plan distributions.

The existing lenders agreed to extend the maturity date of the outstanding debt under an existing facilities agreement by six years.

Under the plan, holders of facilities agreement claims will receive a share of $30.89 million and the restructured facilities debt.

Priority claims will be paid in full in cash or receive other treatment rending the claims unimpaired.

Holders of other secured claims will be paid in full in cash, have their claims reinstated or receive the collateral securing the claim.

General unsecured claims will be unimpaired.

Interests will be reinstated.

Intercompany claims and intercompany interests will either be reinstated or released with the consent of the sponsor.

Beverly, Mass.-based Seabras 1 Bermuda Ltd. and wholly owned subsidiary Seabras 1 USA own a fiber optic cable system between New York and Sao Paulo. They filed bankruptcy on Dec. 22, 2019 under Chapter 11 case number 19-14007.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.