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    ENGH   US29279N1028

ENERGY HARBOR CORP.

(ENGH)
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Eighth Amended Reorganization Plan Approved for FirstEnergy Solutions Corp.

10/16/2019 | 12:00am EDT

The US Bankruptcy Court approved eighth amended plan of reorganization of FirstEnergy Solutions, Corp. on October 16, 2019. The debtor has filed its eighth amended plan in the Court on October 11, 2019. As per the amended plan, As per the plan filed, administrative claims, professional compensation, priority tax claims, other priority claims and other secured claims will be paid in full in cash. Mansfield Certificate of FES, FG, NG and FGMUC, all in the amount of $786.76 million will be recovered 22.8%, 11.8%, 30.2% and 8.90% respectively, in the form of equity and cash. Secured NG PCN claims of $307.17 million and secured FG PCN reinstated claims of $156.78 million will be reinstated. Secured FG PCN designated claims of $199.19 million will be paid in full in cash. Convenience claims of FES of $13.93 million, FG of $18.80 million, FENOC of $15.77 million and FGMUC of $0.61 million will be recovered 23.4%, 22%, 24% and 18% respectively in the form of cash. Class A7 – Mansfield Indemnity Claim of $182 million will recover 23.70%, i.e. $43.13 million, Class B8 – Mansfield Indemnity Claim of $178.03 million will recover 13.80% i.e. $24.57 million, Class E5 – Mansfield Indemnity Claim of $178.03 million will recover 8.90% i.e. $16.20 million will be paid on pro rata basis in the form of cash. Class B10 – Inter debtor claims of $901.88 million will recover 13.3%, i.e., $119.95 million. Class D3 – FES-FENOC unsecured claims against FENOC of $239.74 million will recover 16.4%, i.e., $39.32 million, Class D4 – FENOC Single-Box Unsecured claims of $32.30 million will recover 19%, Class D5 – NG-FENOC unsecured claims against FENOC of $82.61 million will be recover 16.4%, Class D6 – Convenience claims of $15.77 million will be recover 24.3%, Class D7 – Inter debtor claims of $32.60 million will recover 16% will be paid on pro rata basis in the form of cash. Convenience claims of NG will be recovered 35.7% in cash. Inter-debtor claims of FES of $3,189.41 million, FG of $901.88 million, FENOC of $32.60 million and FGMUC of $367.53 million will be recovered 22.8%, 13.4%, 15.7% and 8.6% respectively in the form of cash. Inter-Debtor claims of NG, FE Aircraft and Norton will be paid on pro rata basis in the form of cash. NG Single-Box Unsecured Claim, Mansfield TIA Claim and General unsecured claim of FE Aircraft and Norton will be paid on pro rata basis in the form of cash. FGMUC single-box unsecured claims of $14.55 million, NG-FENOC unsecured claim of $0.08 million, FENOC single-box unsecured claims of $0.03 million, FENOC-FES unsecured claim of $0.24 million and NG-FENOC unsecured claim of $0.08 million will be recovered 13%, 16.10%, 18.8%, 16.1% and 30.7% respectively, in the form of cash. Unsecured PCN/FES Notes Claim of $2,237.91 million, FG Single-Box Unsecured Claim of $338.34 million, Unsecured PCN/FES Notes Claim of $2,237.91 million, FES Single-Box Unsecured Claim of $568.56 million, FENOC-FES Unsecured Claim of $138.63 million and Unsecured Bondholder Claims against FES of $2,237.91 million will be recovered 30.2%, 17%, 13.5%, 31.4%, 25.5% and 22.9% respectively, in the form of cash. Interests in FES, FGMUC, FE Aircraft and FENOC shall be cancelled. Interests in FG, NG and Norton shall be reinstated. The plan will be funded through cash in hand, sale of assets and issuance of common stock.


© S&P Capital IQ 2019
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Jennifer R. Kneale Independent Director