: What additional information is the Trustee in a position to disclose about the status of the investor and the proposed transaction that is intended to serve as a basis for the Chapter 11 plan?
On November 14, 2007, the Trustee entered into a non-binding enhanced letter of intent (the “ELOI”) with a bulge bracket U.S. investment bank headquartered in New York (the “Investment Bank”), the same investor with whom he had executed an earlier non-binding letter of intent which served as the basis to convert the case to Chapter 11. The original letter of intent and ELOI describe the broad outline for the Investment Bank to purchase (i) approximately $1.5 billion in a new class of SEBC preferred stock and (ii) approximately $3.5 million of new SEBC common stock, constituting approximately 22.5% of the total SEBC common stock (the “Transaction”). The terms of the common and preferred stock will be set forth in the documentation to be created under a Chapter 11 Plan, and the consummation of the Transaction is subject to approval as part of that Plan. In the ELOI, subject to the confirmation of a Chapter 11 Plan and definitive documentation acceptable to it in its sole and absolute dis
Related Questions
- : What additional information is the Trustee in a position to disclose about the status of the investor and the proposed transaction that is intended to serve as a basis for the Chapter 11 plan?
- : What additional information can the Trustee provide about the common stock to be issued in connection with the proposed investor transaction described in FAQ #32 above?
- posted September 17, 2009): What is the current status of the Trustees efforts to pursue a transaction with an alternative investor?
