('1136130'), pursuant to which the Company can convert a significant amount of its existing liabilities into equity and favourably amend the terms of its remaining senior secured liabilities
owing to RIVI Opportunity Fund LP ('RIVI') (the 'Debt Reorganization Transactions').
They listed $496,496 in secured liabilities
, $70,027 in unsecured liabilities and $251,950 in assets, according to court documents.
Note that Chapter 7 does not specifically discharge secured liabilities
, such as an auto loan or home mortgage, as the creditor can generally rely on the collateral; for this reason, a careful examination of debtor obligations is critical.
The Senior Notes are rated Ba3, one notch lower than the CFR, due to the absence of collateral and the large portion of secured liabilities
in the capital structure.
Debts include all liabilities except very short term (less than a month in maturity), covered deposits (including ordinary customers' savings), secured liabilities
, wages and debts to tax authorities, utilities companies or other suppliers.
Where a spouse has given security for the other's secured liabilities
such as half share of the mortgage payments.
of the Bank, comprised of Federal Home Loan Bank advances and repurchase agreements, were reduced $4.9 million, or 6.0%.
fully secured liabilities
that are not expected to be compromised.
reduce the QSV to determine the net realizable value in more assets; the IRS does not consider unsecured liabilities.
(Liabilities not subject to compromise are those secured liabilities
incurred before the entity entered reorganization and all liabilities incurred after it entered reorganization.) Liabilities should be reported at amounts expected to be allowed by the court.