Sorenson Communications Emerges From Chapter 11 Protection in Delaware

The joint prepackaged Chapter 11 plan of Sorenson Communications Inc. became effective on April 30 and the debtor emerged from Chapter 11 protection (In re Sorenson Communications Inc., Bankr. D. Del., No. 14-10454).

According to court documents, the prepackaged plan of reorganization “provides, among other things, that the [d]ebtors will: (a) enter into an exit facility, consisting of a $550 million first lien credit facility backstopped by certain senior secured note holders or their affiliates and, potentially, a $25 million first lien revolving credit facility; (b) exchange existing senior secured notes for a combination of new notes, new ...