EME Reorganization Trust Announces Cash Distribution
WASHINGTON, DC, March 10, 2015 /PRNewswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that its board of managing trustees has approved a net cash distribution of $0.02674 per beneficial interest. The distribution will be paid on March 31, 2015 to all record holders of beneficial interests as of the close of business on March 20, 2015. Immediately prior to the distribution, there will be 3,853,697,304 issued and outstanding beneficial interests of the Trust.
Record Date: March 20, 2015
Payment Date: March 31, 2015
Net Distribution Amount: $0.02674 per beneficial interest
The distribution is being made out of funds released from the disputed claims reserve as a result of (i) a settlement resolving a rejection damages claim asserted by Commonwealth Edison Company and (ii) a settlement with the Pennsylvania Department of Revenue resolving certain disputes regarding the gross receipts tax liability of Edison Mission Marketing & Trading, Inc. (formerly a non-debtor subsidiary of Edison Mission Energy) for the 2005 – 2010 tax years, which has made it possible for the EME Reorganization Trust to release approximately $114.9 million of the approximately $115.3 million that was reserved on account of such disputed liability.
The gross amount of the distribution will be approximately $121.2 million. After taking into account certain fees payable to Bluescape Advisors LLC, which were previously approved by the Bankruptcy Court, the net distribution to holders of beneficial interests will be approximately $103 million.
EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for Edison Mission Energy and certain of its subsidiaries (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.
SOURCE EME Reorganization Trust
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