posted April 3, 2009): Now that the Bankruptcy Court has confirmed the Plan, what happens next?
The Order of the Bankruptcy Court confirming the Third Amended Plan of Reorganization (“Plan”) became final on March 23, 2009. The Effective Date of the Plan is to occur when the Transaction contemplated in the Plan actually closes. The terms of the Transaction call for a closing on or before April 30, 2009, unless extended by mutual agreement of the Investor and the Trustee. As of the date of this posting, the Investor has not confirmed a definitive closing date, and there can be no assurance that a closing will take place by April 30, 2009 or any subsequent date. Further developments concerning the closing of the Transaction and thus the occurrence of the Effective Date, will be posted on this website, and a Notice of such posting filed with the Court as circumstances warrant. All of the various transactions and Distributions contemplated under the Plan are intended to occur on or following the Effective Date. In his capacity as Disbursing Agent the Trustee will make Cash Distributio
