Mobileum wins confirmation of amended Chapter 11 plan
The court approved Mobileum’s disclosure statement and confirmed the First Amended Joint Chapter 11 Plan, authorizing the debtors to implement the restructuring transactions, exit credit agreement, new governance documents, and related plan supplement agreements without further court order. The confirmation order makes the plan binding on all claim and interest holders as of the effective date and approves the releases, injunctions, discharge, and exculpation package in Article X.
The confirmed structure turns the case from a contested-risk chapter 11 into an implementation process: Class 3 First Lien Claims and Class 4 Second Lien Debt Claims voted to accept the plan, and holders of First Lien Claims, Second Lien Debt Claims, and Tranche B DIP Claims receive new equity interests under the plan. The order also approves assumption treatment for executory contracts and unexpired leases unless specifically carved out, while allowing certain other secured, priority non-tax, and general unsecured claims to proceed outside the bankruptcy claims-resolution process where the plan so provides.