WASHINGTON, Dec. 26, 2016 /PRNewswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a final net cash liquidation distribution of $0.00908 per beneficial interest (the "Distribution"). The Distribution will be paid on December 29, 2016 to all holders of record of beneficial interests as of such date. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.
Payment Date: December 29, 2016
Net Distribution Amount: $0.00908 per beneficial interest
The Distribution is being made out of the remaining funds of the EME Reorganization Trust and constitutes the final distribution to be made by the EME Reorganization Trust. The distribution shall be effectuated through a mandatory redemption all beneficial interests in the EME Reorganization Trust. As a result of the mandatory redemption, all beneficial interests in the EME Reorganization Trust shall be cancelled in exchange for the proceeds of the final liquidation distribution.
The gross amount of the distribution will be approximately $41.17 million. After taking into account certain fees payable to Bluescape Advisors LLC, which were previously approved by the Bankruptcy Court, and certain wind-down related costs and expenses, the net distribution to holders of beneficial interests will be approximately $34.99 million.
Following the final distribution, the total aggregate gross recovery to unsecured creditors under the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (the "Plan") will be approximately $3.631 billion, representing a 94.2% gross recovery.
EME Reorganization Trust was formed in connection with the confirmation and consummation of the Plan. The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.
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SOURCE EME Reorganization Trust