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SEC Filings

COSI INC filed this Form 8-K on 02/13/2017
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9.          As of the date hereof, LIMAB is operating the Debtors’ business pursuant to the Court-approved Interim Operating Agreement effective December 21, 2016 (the “Operating Agreement”).

C.          The Proposed Plan and Disclosure Statement.

10.          The Debtors have contemporaneously filed herewith the Plan and associated Disclosure Statement.

11.          In general terms, the Plan is structured as what is commonly referred to as a “pot plan” in that the Debtors have determined the value of their collective Business operations, and the Plan provides that the value will be paid into the Liquidating Trust2 to be distributed by the Liquidating Trustee to the Debtors’ creditors in accordance with the order of priority set forth in the Bankruptcy Code and as set forth in the Plan.  The Liquidating Trust will be funded pursuant to the Plan Settlement, which is set forth in the Plan, specifically described in Article VII of the Plan, and accounted for in the treatment of the Noteholders’ Class 5 and Class 6 Claims.

12.          Specifically, the Plan Settlement is between the Debtors and the Supporting Parties.  The Supporting Parties consist of LIMAB (i.e., the initial stalking horse bidder for the Debtors’ assets) and the Noteholders in their capacities as both (i) pre-petition secured Chaim Holders, with pre-petition Liens, the validity of which the Debtors dispute, and (ii) the DIP Lenders, with an undisputed superpriority DIP Facility Claim.

Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Plan.

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