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Title: |
Joint Plan of Reorganization |
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Entities: |
Ableco Finance LLC; ADTRAN, Inc.; Aware, Inc.; Entrada Networks, Inc.; General DataComm Industries Inc.; Network Appliance, Inc.; TEKELEC |
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Date: |
2003 |
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Size: |
Preview shows 24KB of 343KB total |
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Price: |
$99 |
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ID: |
#859207 |
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JOINT PLAN OF REORGANIZATION
<PAGE>
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
-----------------------------------------------------x
) Chapter 11
In re: )
) Case No. 01-11101 (PJW)
GENERAL DATACOMM INDUSTRIES, INC., )
et al., )
------ )
) (Jointly Administered)
)
Debtors. )
-----------------------------------------------------x
AMENDED JOINT PLAN OF REORGANIZATION UNDER
CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE
------------------------------------------------
Joel A. Waite SHULTE ROTH & ZABEL, LLP
Michael R. Nestor Michael L. Cook
YOUNG CONAWAY STARGATT & David M. Hillman
TAYLOR, LLP 919 Third Avenue
P.O. Box 391 New York, NY 10022
1000 West Street, 17th Floor (212) 756-2000
Wilmington, Delaware 19801
(312) 571-6600 - and -
Counsel to the Debtors ZUCKERMAN SPAEDER LLP
and Debtors-In-Possession Thomas G. Macauley
One Commerce Center
1201 Orange Street, Suite 650
Wilmington, DE 19801
(302) 427-0400
Co-Counsel to Ableco Finance LLC
and Foothill Capital Corporation
Dated: April 29, 2003
<PAGE>
TABLE OF CONTENTS
ARTICLE 1
Page
DEFINITIONS...................................................................1
1.1 Ableco.....................................................1
1.2 Administrative Bar Date....................................1
1.3 Administrative Claim.......................................1
1.4 Allowed Claim..............................................2
1.5 Assumed Agreement..........................................2
1.6 Avoidance Action...........................................2
1.7 Ballot.....................................................2
1.8 Bankruptcy Code............................................2
1.9 Bankruptcy Court...........................................2
1.10 Bankruptcy Rules...........................................2
1.11 Business Day...............................................2
1.12 Cash.......................................................3
1.13 Causes of Action...........................................3
1.14 Chapter 11 Cases...........................................3
1.15 Claim......................................................3
1.16 Committee..................................................3
1.17 Common Stock...............................................3
1.18 Confirmation Date..........................................3
1.19 Confirmation Order.........................................3
1.20 Contingent Claim...........................................3
1.21 Convenience Class Claim....................................3
1.22 Creditor...................................................3
1.23 Debtors....................................................3
1.24 Disclosure Statement.......................................4
1.25 Disputed Claim.............................................4
1.26 Distribution Date..........................................4
1.27 Effective Date.............................................4
1.28 Employee Stock Bonus Plan..................................4
1.29 Equity Interest............................................4
1.30 Final Distribution Date....................................4
1.31 Final Order................................................4
1.32 Foothill...................................................4
1.33 GDC........................................................4
1.34 GDC Common Stock...........................................5
1.35 General DataComm...........................................5
1.36 General Unsecured Claim....................................5
1.37 Lender.....................................................5
1.38 Lender Director Selection Right............................5
i
<PAGE>
1.39 Lender Release.............................................5
1.40 Lender Secured Claim.......................................5
1.41 Lender Warrants............................................5
1.42 New Debentures.............................................5
1.43 New Indenture..............................................5
1.44 New Indenture Trustee......................................6
1.45 New Lender Loan and Security Agreement.....................6
1.46 New Lender PIK Obligation..................................6
1.47 New Lender Term Obligation.................................6
1.48 Old GDC Stock Option Plans.................................6
1.49 Other Priority Claims......................................6
1.50 Person.....................................................6
1.51 Petition Date..............................................6
1.52 Plan.......................................................6
1.53 Plan Supplement............................................6
1.54 Pre-Petition Secured Loan Agreements.......................7
1.55 Preferred Interests........................................7
1.56 Priority Tax Claim.........................................7
1.57 Pro Rata...................................................7
1.58 Registered Holder..........................................7
1.59 Rejected Agreement.........................................7
1.60 Reorganized Debtors........................................7
1.61 Retiree Benefits...........................................7
1.62 Schedules..................................................7
1.63 Secured Claim..............................................7
1.64 73/4% Debentures...........................................7
1.65 73/4% Indenture............................................8
1.66 73/4% Indenture Trustee....................................8
1.67 Subsidiary Debtors.........................................8
1.68 Taxes......................................................8
1.69 Unsecured Claim............................................8
1.70 Unsecured Creditors Director Selection Right...............8
1.71 Unsecured Deficiency Claim.................................8
1.72 Voting Deadline............................................8
1.73 Other Definitions..........................................8
ARTICLE 2
SUBSTANTIVE CONSOLIDATION AND MERGER..........................................9
ii
<PAGE>
ARTICLE 3
PROVISIONS AND PAYMENT OF ALLOWED
ADMINISTRATIVE AND PRIORITY TAX CLAIMS.......................................10
3.1 General....................................................10
3.2 Treatment of Administrative Claims.........................10
3.3 Treatment of Priority Tax Claims...........................10
3.4 Bar Date for Administrative Claims.........................10
ARTICLE 4
DESIGNATION OF AND PROVISIONS FOR
TREATMENT OF CLAIMS AND EQUITY INTERESTS.....................................11
4.1 Class 1 - Other Priority Claims............................11
4.2 Class 2 - Allowed Lender Secured Claim.....................11
4.3 Class 3 - Other Secured Claims.............................11
4.4 Class 4 - Allowed General Unsecured Claims.................11
4.5 Class 5 - Allowed Convenience Class Claims.................11
4.6 Class 6 - Preferred Interests in GDC.......................12
4.7 Class 7 = Equity Interest in Subsidiary Debtors............12
4.8 Class 8 - GDC Common Stock Interests.......................12
ARTICLE 5
EXECUTORY CONTRACTS AND EXPIRED LEASES........................................12
5.1 Assumption of Certain Executory Contracts
and Unexpired Leases......................................12
5.2 Rejection and Cancellation of 73/4% Indenture..............13
5.3 Indemnification Obligations Assumed........................13
5.4 Claims Based on Rejection of Executory.....................13
Contracts or Unexpired Leases.............................13
ARTICLE 6
ACCEPTANCE OR REJECTION OF THIS PLAN;
EFFECT OF REJECTION BY ONE OR MORE CLASSES...................................14
6.1 Impaired Classes to Vote...................................14
6.2 Acceptance By Class of Creditors...........................14
6.3 Acceptance By Class of Interests...........................14
6.4 Cramdown...................................................14
iii
<PAGE>
ARTICLE 7
PROVISIONS COVERING DISTRIBUTIONS
AND PAYMENTS.................................................................15
7.1 Making of Distributions and Payments.......................15
7.2 Distribution to Lenders....................................15
7.3 Distribution of New Debentures.............................15
7.4 Delivery of Distributions; Unclaimed Property..............15
7.5 Payments of Less Than Five Dollars.........................16
ARTICLE 8
PROCEDURES FOR RESOLVING DISPUTED
CLAIMS AND CAUSES OF ACTION..............................................16
8.1 Filing of Objections to Claims.............................17
8.2 Prosecutions of Objections to Claims.......................17
8.3 Payment or Distribution Upon Resolution
of Disputed Claims........................................17
8.4 Causes of Action...........................................17
ARTICLE 9
MEANS FOR IMPLEMENTATION OF THIS
JOINT PLAN 18
9.1 Conveyance Free and Clear..................................18
9.2 Cancellation of Certain Existing Securities
and Agreements...........................................18
9.3 Surrender of Instruments...................................19
9.4 Release of Certain Claims and Actions......................19
9.5 Exculpation................................................20
9.6 Exemption from Certain Taxes...............................20
9.7 Certificate of Incorporation and By-Laws...................20
9.8 Directors and Officers.....................................20
9.9 Revesting of Assets; No Further Supervision................21
9.10 Authority to Implement.....................................21
9.11 No Injunctive Relief.......................................21
iv
<PAGE>
ARTICLE 10
CONDITIONS PRECEDENT TO THE EFFECTIVE DATE....................................21
10.1 Effectiveness of this Plan.................................21
10.2 Conditions Not Satisfied or Waived.........................22
ARTICLE 11
MISCELLANEOUS PROVISIONS......................................................22
11.1 Modification of Payment Terms..............................22
11.2 Discharge of Debtors.......................................22
11.3 Filing of Additional Documents.............................23
11.4 Compliance with Tax Requirements...........................23
11.5 Setoffs....................................................23
11.6 Retiree Benefits...........................................23
11.7 Payment of Certain Expenses by the
Reorganized Debtors.......................................23
11.8 Termination of Committee...................................23
11.9 Section Headings...........................................23
11.10 Waiver.....................................................24
11.11 Notices....................................................24
11.12 Severability...............................................24
11.13 Plan Controls..............................................24
11.14 Reservation of Rights......................................24
11.15 Governing Law..............................................25
11.16 Non-Voting Equity Securities...............................25
11.17 Exemption from Transfer Taxes..............................25
11.18 Termination of Subordination Rights........................25
11.19 Payment of Statutory Fees..................................25
ARTICLE 12
PROVISIONS FOR EXECUTION AND
SUPERVISION OF THIS PLAN.....................................................26
12.1 Retention of Jurisdiction..................................26
12.2 Amendment of Plan..........................................27
12.3 Revocation of Plan.........................................27
12.4 Implementation.............................................28
v
<PAGE>
ARTICLE 13
CONFIRMATION REQUEST..........................................................29
13.1
SCHEDULES
Schedule 1.4 Assumed Agreements
Schedule 1.41 Terms of Lender Warrants
Schedule 1.42 Terms of New Debentures
Schedule 1.46 Terms of New PIK Obligation
Schedule 1.46.1 Debtors' Claims Analysis Of Lenders Claim as of 6/12/02
Schedule 1.47 Terms of New Lender Term Obligation
Schedule 1.47.1 List of Assets Related to Discontinued
Operations of Debtors or Excess Assets of Debtors
vi
<PAGE>
AMENDED JOINT PLAN OF REORGANIZATION UNDER CHAPTER 11
OF THE UNITED STATES BANKRUPTCY CODE
------------------------------------
GENERAL DATACOMM INDUSTRIES, INC., GENERAL DATACOMM, INC.,
DATACOMM LEASING CORPORATION, GDC FEDERAL SYSTEMS, INC., GDC REALTY, INC., GDC
NAUGATUCK, INC., GDC HOLDING COMPANY, LLC, DATACOMM RENTAL CORPORATION, GENERAL
DATACOMM INTERNATIONAL CORPORATION and GENERAL DATACOMM CHINA LTD., the Debtors
and Debtors-in-Possession in the above-captioned jointly administered Chapter 11
Cases (Debtors"), Ableco Finance LLC and FOOTHILL CAPITAL CORPORATION hereby
propose the following Joint Plan of Reorganization pursuant to section 1121(a),
title 11, United States Code.
ARTICLE 1.
DEFINITIONS
As used in this Plan, the following terms shall have the
respective meanings specified below:
1.1 Ableco. Ableco Finance LLC.
1.2 Administrative Bar Date. The date forty-five (45) days after
the Effective Date or such other date(s), if any, as determined by order of the
Bankruptcy Court.
1.3 Administrative Claim. Any cost or expense of administration
of the Chapter 11 Cases (a) required to be asserted by filing an application
with the Bankruptcy Court on or before the Administrative Bar Date or (b)
Allowed under section 503(b) of the Bankruptcy Code, except to the extent the
holder of such Claim agrees to be treated differently. Administrative Claims
include, but are not limited to, (i) any actual and necessary expenses of
preserving the estate of the Debtors incurred during the Chapter 11 Cases, (ii)
any actual and necessary expenses of operating the business of the Debtors
incurred during the Chapter 11 Cases, (iii) any indebtedness or obligations
incurred or assumed by the Debtors in connection with the conduct of the
business as a debtor-in-possession or for the acquisition or lease of property
by, or for the rendition of services to, the Debtors as debtors-in-possession,
(iv) obligations pursuant to executory contracts assumed by the Debtors pursuant
to an order of the Bankruptcy Court, (v) all Claims as provided by section
507(b) of the Bankruptcy Code, (vi) all allowances of compensation or
reimbursement of expenses to the extent allowed by the Bankruptcy Court, (vii)
any Allowed Contingent Claims which are granted administrative priority status
by Final Order of the Bankruptcy Court, (viii) all fees payable and unpaid under
section 1930 of title 28, United States Code and (ix) any fees or charges
assessed against the estates of the Debtors under Chapter 123, title 28, United
States Code.
<PAGE>
1.4 Allowed Claim. Any Claim against the Debtors (i) proof of
which (or application for) was filed on or before the date designated by the
Bankruptcy Court as the last date for filing proofs of claims against the
Debtors or, if no proof of claim is filed, which has been or hereafter is listed
by the Debtors in their Schedules as liquidated in amount and not disputed or
contingent and, in either case, a Claim as to which, (a) no objection to the
allowance thereof has been interposed within the applicable period of limitation
fixed by this Plan, the Bankruptcy Code, the Bankruptcy Rules or the Bankruptcy
Court or (b) the Debtors have determined that no objection will be filed, or
(ii) in favor of any Person arising from a judgment against such Person in any
Avoidance Action (if the effect of such judgment gives such Person an Allowed
General Unsecured Claim). A Disputed Claim shall be an Allowed Claim if, and
only to the extent that, such Disputed Claim has been Allowed by a Final Order.
The term "Allowed," when used to modify a reference in this Plan to any Claim or
class of Claims, shall mean a Claim (or any Claim in any such class) that is
allowed, e.g., an Allowed Secured Claim is a Claim that has been Allowed to the
extent of the value, as determined by the Bankruptcy Court pursuant to section
506(a) of the Bankruptcy Code, of any interest in property of the estates of the
Debtors securing such Claim. Unless otherwise specified in this Plan or in the
Final Order of the Bankruptcy Court allowing such Claim, "Allowed Claim" shall
not include interest on the amount of such Claim from and after the Petition
Date.
1.5 Assumed Agreement. Each executory contract and unexpired
lease of the Debtors that is assumed pursuant to the Plan, including, without
limitation, those listed on Schedule 1.4 hereof, which schedule may be amended
by the Debtors prior to entry of the Confirmation Order.
1.6 Avoidance Action. Any action to avoid a transfer of property
or to recover property pursuant to ss.ss. 542, 543, 544, 545, 546, 547, 548,
549, 550, 551 or 553 of the Bankruptcy Code.
1.7 Ballot. The document used in voting on the Plan that must be
executed and delivered by holders of Claims and Interests entitled to vote on
the Plan.
1.8 Bankruptcy Code. The Bankruptcy Reform Act of 1978, as
amended, title 11, United States Code.
1.9 Bankruptcy Court. The unit of the United States District
Court for the District of Delaware having jurisdiction over the Chapter 11
Cases.
1.10 Bankruptcy Rules. The Federal Rules of Bankruptcy Procedure
and the local rules of the Bankruptcy Court, as applicable to the Chapter 11
Cases.
1.11 Business Day. Any day other than a Saturday, Sunday or other
day on which commercial banks in New York are authorized or required by law to
close.
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