SH 130 Concession’s second amended plan of reorganization confirmed

By Caroline Salls

Pittsburgh, May 18 – SH 130 Concession Co., LLC’s second amended plan of reorganization was confirmed Thursday by the U.S. Bankruptcy Court for the Western District of Texas.

The company said the plan calls for entry into an exit facility to provide the necessary liquidity to make plan payments, including repayment of SH 130’s debtor-in-possession facility, make payments required under a concession agreement with the Texas Department of Transportation and satisfy working capital needs.

Under the plan, SH 130 would assume the concession agreement, a toll road lease and all other agreements with the department related to operation of the company’s toll road under the current terms of those agreements.

Creditor treatment will include:

• Payment in full, in cash, of administrative and priority claims;

• Holders of other secured claims will either have their claims reinstated, be paid in full in cash or receive the collateral securing the claim;

• Holders of priority lenders claims will receive exit facility cash proceeds equal to the amount of their claims;

• Holders of senior secured claims will receive a share of the exit facility remaining after payment of priority lender claims, 100% of new payment-in-kind loans and 100% of the new equity interests in reorganized SH 130;

• Holders of general unsecured trade claims will either be paid in full in cash or have their claims reinstated; and

• Holders of other general unsecured claims and holders of equity interests will receive no distribution.

SH 130 is a Buda, Texas-based highway operator. The company filed bankruptcy on March 2, 2016 under Chapter 11 case number 16-10262.

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