ENP Newswire -
Release date- 10062014 -
The EFIH Second Lien Settlement is open to all holders of the Issuer's 11% Senior Secured Second Lien Notes due 2021 (the 'EFIH 11% Second Lien Notes') and 11.750% Senior Secured Second Lien Notes due 2022 (the 'EFIH 11.750% Second Lien Notes' and together with the EFIH 11% Second Lien Notes, the 'EFIH Second Lien Notes').
The terms of the EFIH Second Lien Settlement have been amended to (1) provide that each of the Tender Consideration (as defined below) and the Total Consideration will no longer be decreased
Other than the amended terms described in this press release, the terms of the EFIH Second Lien Settlement are unchanged.
Upon the terms and subject to the conditions of the offer to purchase with respect to the EFIH Second Lien Settlement, each holder of EFIH Second Lien Notes that validly tenders its EFIH Second Lien Notes on or prior to
The Total Consideration includes an early participation payment of
Each holder that validly tenders its EFIH Second Lien Notes after the Early Participation Date and on or prior to
As previously disclosed, the consummation of the EFIH Second Lien Settlement is subject to several conditions. The terms of the EFIH Second Lien Settlement have been amended to remove the conditions relating to the consummation of and receipt of proceeds from the issuance of approximately
The consummation of the EFIH Second Lien Settlement continues to be subject to, among others, the bankruptcy court's approval of both (1) the incurrence of indebtedness and granting of second-priority priming liens relating to the EFIH Second Lien DIP Notes Financing and (2) the EFIH Second Lien Settlement.
The terms of the EFIH Second Lien Settlement have also been amended to disclose that the Issuer has the right to determine whether or not any of the conditions to the consummation of the EFIH Second Lien Settlement were satisfied and to terminate or extend the EFIH Second Lien Settlement if any condition to such consummation was not satisfied or otherwise will not be satisfied on or prior to the Expiration Date or, with respect to conditions relating to obtaining regulatory approval (such as bankruptcy court approval), on or prior to the Settlement Date.
The Issuer has provided to the holders of the EFIH Second Lien Notes a supplement to the original offer to purchase amending the terms of the EFIH Second Lien Settlement as described in this press release.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements, other than statements of historical facts, are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
Although we believe that in making any such forward-looking statement our expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under Item 1A, 'Risk Factors' and the discussion under Item7, 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the Annual Reports on Form 10-K filed by each of
our ability to obtain the approval of the bankruptcy court with respect to motions filed in the bankruptcy proceedings, including with respect to the EFIH Second Lien Settlement, the EFIH Second Lien DIP Notes Financing and the transactions related thereto;
the effectiveness of the overall restructuring activities pursuant to the bankruptcy filing and any additional strategies we employ to address our liquidity and capital resources;
the terms and conditions of any reorganization plan that is ultimately approved by the bankruptcy court;
the actions and decisions of creditors, regulators and other third parties that have an interest in the bankruptcy proceedings;
the duration of the bankruptcy proceedings and
restrictions on us due to the terms of debtor-in-possession financing facilities and restrictions imposed by the bankruptcy court.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.
New factors emerge from time to time, and it is not possible for us to predict all of them; nor can we assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.
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