QUOTIENT LIMITED Quotient Limited filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 10, 2023. As per the plan filed, administrative expense claims, professional fee claims, priority tax claims and other priority claims shall be paid in full in cash. Other secured claims shall either be paid in full in cash or delivered collateral securing such claim.
Bridge notes claims of $10.08 million shall receive, in full and final satisfaction its pro rata share of the finance co bridge notes and an amount of cash equal to the documented fees and expenses. Senior secured notes claims of $140.74 million shall receive, in full and final satisfaction, its pro rata share of the finance co SSN notes, its right to purchase the newco partnership interests through the senior secured noteholder private placement, together with its applicable share and an amount of cash equal to the documented fees and expenses. Convertible notes claims of $105.76 shall be extinguished for no value and each holder shall receive, in full and final satisfaction its right to purchase the newco partnership interests through the convertible noteholder private placement and an amount of cash equal to the documented fees and expenses.
General unsecured claims shall either be reinstated or paid in full in cash. Interests in the debtor and section 510(b) claims shall be cancelled without any distribution. The plan shall be funded from cash on hand and the proceeds from the private placements, newco partnership interests, additional quotient limited common equity and finance co notes(finance co bridge notes of $10 million and finance co SSN Notes of $109.52 million.
