Second amended plan confirmed over rejecting classes
The debtors' second amended plan set an 18-class structure built around a lender-led reorganization: Class 2 prepetition lender secured claims received reorganized equity and New ASEN note treatment, Class 16 unsecured claims shared a $250,000 pool, and Class 17 old common stock, options and warrants were canceled with no distribution while preserving rights-offering participation source filing. After hearings on June 27, July 14 and July 15, the court confirmed the plan on July 26, 2016, finding Classes 2-13 and 18 impaired and accepting, while Classes 14, 16 and 17 rejected and were crammed down source filing.
The confirmation order overruled unresolved objections and approved the core restructuring mechanics: vesting estate property in the reorganized debtors, issuing new common stock, running the rights offering, issuing the New ASEN promissory note, canceling prepetition lender debt, retaining causes of action, and installing a four-person board with two Pentwater designees and two independent directors source filing. The debtors set the rights-offering expiration for September 16, 2016, and the plan effective date for September 26, 2016; an October 3 notice confirmed that all effective-date conditions had been satisfied or waived source filing source filing.