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- Holders of Senior Secured Claims will receive for their claims of approximately $57.7 million: senior secured promissory notes in the aggregate principal amount of $30.0 million, to be due in five years following the Effective Date; and New Common Stock representing approximately 48.5% of the New Common Stock issued on the Effective Date. - Each holder of an Allowed Qualifying Noteholder Claim shall receive Cash in the amount of 22.0% of the Allowed amount of such Allowed Qualifying Noteholder Claim, to be paid on the date upon which a Future Transaction (if any) is consummated; plus, on the Effective Date, its Pro Rata Share of 5.0% of the New Common Stock, plus, its Pro Rata Share of 50.0% of the Reallocated Shares. - Each holder of an Allowed Non-Qualifying Noteholder Claim shall receive Cash in the amount of 24.0% of the Allowed amount of such Allowed Non-Qualifying Noteholder Claim to be paid on the date upon which a Future Transaction (if any) is consummated. - Each holder of an Allowed General Unsecured Claim or Claims will receive Cash equal to 28% of its Allowed General Unsecured Claim or Claims, if the Class accepts the Plan. - Secured Claims other than those of the Senior Secured Claims ("Miscellaneous Secured Claims") will be treated either as agreed by the parties or in a manner that reinstates the Secured Claim or provides for payment to the creditor equal to the value of such creditor's collateral. - Each holder of an Allowed Other Priority Claim shall receive, on account of and in full and complete settlement, release and discharge of such Allowed Other Priority Claim, (a) Cash equal to the amount of such Allowed Other Priority Claim or (b) such other treatment as to which the Reorganized Debtors and such holder shall have agreed upon in writing in an amount sufficient to render such Allowed Priority Claim not Impaired under section 1124 of the Bankruptcy Code, to be paid on the latest of (a) the Effective Date (or as soon thereafter as is reasonably practicable), (b) five Business Days after the Allowance Date for such Other Priority Claim, or (c) the date on which the Debtors and the holder of such Allowed Other Priority Claim otherwise agree. - Allowed Priority Tax Claims will either be paid, at the sole option of the Debtors, (a) on the latter of (i) the Effective Date (or as soon thereafter as is reasonably practicable), (ii) five Business Days after the Allowance Date with respect to such Allowed Priority Tax Claim; (b) beginning the first anniversary following the Effective Date, Cash payments to be made in equal annual installments, with the final installment being payable no later than the sixth anniversary of the date of the assessment of such Allowed Priority Tax Claim, in an aggregate amount equal to such Allowed Priority Tax Claim, together with interest on the unpaid balance of such claim calculated from the Effective Date through the date of payment at the Applicable Rate; or (c) such other treatment agreed to by the holder of such Allowed Priority Tax Claim and the Debtors. - Each holder of an equity interest in Boyds of over 200 shares will receive its pro rata share of 46.5% of the equity of Reorganized Boyds. - Each holder of an equity interest in Boyds of less than 200 shares will receive $0.15 per share held by such holder. - The Company is also negotiating with one of its Senior Lenders to provide a new $11.0 million revolver with a $4.0 million seasonal over-advance option that supports letters of credit and would provide Boyds with access to additional capital to fund post-reorganization operations. |