SuperMedia Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on March 18, 2013. The affiliates include SuperMedia Sales Inc. and SuperMedia Services Inc. The debtor listed its consolidated assets of $1.40 billion and consolidated liabilities of $1.90 billion. The largest unsecured creditors include adMarketplace, Inc., Chartis U.S., Inc., Directory Distributing Associates, ... Inc., Google Inc., Premier Delivery Service, Inc., Product Development Corporation, R.R. Donnelley & Sons Company, salesforce.com, inc, Tata America International Corporation and Web.com Group, Inc. Pauline K. Morgan of Young, Conaway, Stargatt & Taylor; Emily A. Bussigel and Sean A. O'Neal of Cleary Gottlieb Steen & Hamilton LLP; Louis R. Strubeck, Jr. of Fulbright & Jaworski L.L.P. acted as legal counsels for the debtor. Chilmark Partners, LLC and Morgan Stanley & Co. LLC acted as financial and restructuring advisors to the debtor. Jennifer M. Meyerowitz of Epiq Bankruptcy Solutions LLC acted as claims and noticing agent for debtor and paid a retainer fee of $0.03 million. The US Bankruptcy Court granted an order for the joint administration of the Chapter 11 bankruptcy cases of SuperMedia, Inc. and its affiliates on March 19, 2013. The affiliates include SuperMedia Sales Inc. and SuperMedia Services Inc. The cases would be jointly administered for administrative and procedural purposes. SuperMedia, Inc. has been designated as the lead debtor. The US Bankruptcy Court gave an order approving the combined hearing on the adequacy of the disclosure statement, approval of solicitation procedures and confirmation of plan of reorganization of SuperMedia, Inc. on March 19, 2013. The combined confirmation hearing to consider the adequacy of disclosure statement and confirmation of the plan has been scheduled for April 29, 2013. The objections to the adequacy of the disclosure statement and confirmation of the plan can be filed till April 18, 2013. The US Bankruptcy Court approved the joint plan of reorganization of Dex One Corporation on April 29, 2013. The debtor has filed its joint plan in the Court on March 18, 2013. As per the confirmed plan, administrative claims, professional fee claims and priority tax claims will be paid full in cash on the effective date. Secured Tax Claims will be paid full on the effective date or will be paid in full in Cash in accordance with the terms of any agreement between the debtor and the claimant. Other Secured Claims shall be either reinstated or receive the collateral securing the allowed claim. Other Priority Claims will be paid full in cash. As of September 30, 2012, the Debtors are not aware of any Secured Tax Claims, Other Secured Claims or Other Priority Claims. SuperMedia Secured Credit Agreement Claims of $1.44 billion will receive pro-rata share of loans under the amended and restated SuperMedia Secured Credit Agreement and cash in an amount of any unpaid interest, fees and adequate payments. General Unsecured Claims shall receive Cash on the later of the effective date or in the ordinary course of business. SuperMedia Interest holders shall receive 0.4386 shares of new merged entity. Intercompany Interests will remain unaltered under the plan. Section 510(b) Claims shall receive either cash in full amount of the allowed claim or be treated as if such holder held a number of equity interest instead of its allowed section 510(b) claims. Debtor is unaware of such claims. On the effective date, debtor will execute and deliver amended and restated SuperMedia Secured Credit Agreement, which will mature on December 31, 2016 and will bear interest of either with respect to base rate loans, the highest of prime rate or federal funds effective rate plus 0.50% and one-month LIBOR (subject to a floor of 3%) plus 1%, in each case as in effect on such date, plus an interest rate margin of 7.6% or with respect to Eurodollar loans, the higher of Adjusted LIBOR and 3% in each case plus an interest rate margin of 8.6%. Under the restructuring transaction, SuperMedia will merge with Dex One Corp. Upon emergence, the merged entity will be owned by the shareholders of both the entities.
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BlueScout Technologies, Inc. filed a voluntary petition for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the District of Delaware on January 23, 2013. The debtor listed its assets of $6.4 million and liabilities of $3.39 million. The main unsecured lenders include American Disposal Services, Inc., Automatic Data Processing, Inc., Avensys, Inc., Deloitte & Touche LLP, DNV Renewables (USA) Inc, InSite Partners, LLC, R.R. Donnelley & Sons Company, Raytheon ... ELCAN Optical Technologies, Stites & Harbison, PLLC and The Equicom Group. The debtor is represented by Mark Minuti of Saul Ewing LLP as its legal counsel. Friedman & Springwater LLP acted as legal advisor for debtor. George L. Miller of Miller Coffey Tate LLP has been appointed as Chapter 7 case trustee.
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