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Announcement of Restructuring Support Agreement and Prepackaged Chapter 11 Plan of Reorganization
On October 1, 2021, Glass Mountain Pipeline Holdings II LLC and certain of its subsidiaries (collectively, the “Company”), commenced the dual solicitation of votes in accordance with title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”), from Holders of Claims in Class 3 on the Debtors’ Joint Prepackaged Chapter 11 Plan of Reorganization (as may be amended, modified, or supplemented from time to time and including all exhibits or supplements thereto, the “Plan”) attached as Exhibit A to the Disclosure Statement for Debtors’ Joint Prepackaged Plan of Reorganization (as may be amended, modified, or supplemented from time to time and including all exhibits or supplements thereto, the “Disclosure Statement”).
The transactions contemplated by the Plan will not prejudice the rights of any trade creditors, customers, or other ordinary-course creditors of the Company, and the Company will continue to honor all of its associated obligations in the ordinary course of its business.
If Holders of one-hundred percent (100%) of the Credit Agreement Claims vote to accept the Plan and take such actions as may be contemplated by the Exchange Agreement and Transaction Agreement (both as defined in the RSA, a copy of which is attached to the Disclosure Statement as Exhibit B) (the “Out of Court Transaction Condition”) prior to 11:59 p.m. (prevailing Eastern Time) on or before October 21, 2021, then the Company will consummate the transactions described in the Disclosure Statement and contemplated by the Plan without commencing the chapter 11 cases.
Disclosure Statement for the Joint Prepackaged Plan of Reorganization
Joint Prepackaged Plan of Reorganization
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