ADVISORS WITH RESPECT TO ANY TAX, SECURITIES, OR OTHER LEGAL EFFECTS OF THE PLAN ON SUCH HOLDERS CLAIM OR INTEREST.
THE STATEMENTS CONTAINED IN THIS DISCLOSURE STATEMENT ARE MADE AS OF THE DATE HEREOF UNLESS ANOTHER TIME IS SPECIFIED HEREIN, AND THE DELIVERY OF THIS DISCLOSURE STATEMENT WILL NOT CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE INFORMATION STATED SINCE THE DATE HEREOF.
The Debtors submit this Disclosure Statement in connection with the solicitation of votes on the Debtors Plan attached hereto as Exhibit A. The Debtors filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) on January 30, 2017 (the Petition Date). To the extent any inconsistencies exist between this Disclosure Statement and the Plan, the Plan will govern.
The purpose of this Disclosure Statement is to provide holders of Claims entitled to vote to accept or reject the Plan with adequate information about (i) the Debtors businesses and certain historical events, (ii) the Chapter 11 Cases, (iii) the Plan, (iv) the rights of holders of Claims and Interests under the Plan, and (v) other information necessary to enable each holder of a Claim entitled to vote on the Plan to make an informed judgment as to whether to vote to accept or reject the Plan. Holders of Interests are not entitled to vote on the Plan (see discussion at Section V of the Disclosure Statement).
Pursuant to section 1125 of the Bankruptcy Code, the Debtors submit this Disclosure Statement to all holders of Claims against the Debtors entitled to vote on the Plan to provide information in connection with the solicitation of votes to accept or reject the Plan. The Disclosure Statement is also available to all holders of Claims against and Interests in the Debtors for informational purposes, including to detail the impact the Plan will have on such holders Claims and/or Interests. The Disclosure Statement is organized as follows:
· Section I provides an introduction and general information about the Plan and Confirmation of the Plan.
· Section II provides an overview of the Debtors businesses.
· Section III sets forth key events leading to the Chapter 11 Cases.
· Section IV discusses the Chapter 11 Cases.
· Section V provides a summary of the Plan.
· Section VI describes certain risk factors affecting the Debtors.
· Section VII discusses certain U.S. federal income tax consequences of the Plan.
· Section VIII addresses confirmation of the Plan.