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Extract to table / memo-out-of-court-vs-chapter-11.docx
memo-out-of-court-vs-chapter-11.docx
Parties
Harkness LLP
Thalassa Americas Inc
Kensington Veltrian Partners LLC
Logistics SA
Drakos Maritime Valuations Ltd
Dralvecen Mezzanine Capital LLC
Capitol Registered Agents LLC
KFO Holdings SA
Dates
February 15, 2023
June 30, 2023
January 10, 2023
April 7, 2023
January 8, 2023
March 8, 2023
December 31, 2021
December 31, 2022
November 1, 2022
September 15, 2022
Amounts
$18.5
$6.5
$8.0
€1.42
€987
$312
$198
$24,800
$11,200
$623
Obligations
The RSA provides for an outside date of June 30, 2023 (the "Outside Date"), by which all conditions to closing must be satisfied or waived and the restructuring transactions must be consummated
Administrative claims enjoy superpriority status under Section 507(a)(2) of the Bankruptcy Code and must be paid in full before any distributions to prepetition creditors
However, the equity component provides BMC with meaningful participation in the Company's future upside, which must be factored into the total recovery analysis
0% However, these nominal recoveries must be adjusted for BMC's pro rata share of the $18