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February 11, 2016 4:40 AM ET

Communications Equipment

Company Overview of Sorenson Communications, Inc.

Company Overview

Sorenson Communications, Inc. provides communication products and a video relay service (VRS) for deaf and hard-of-hearing individuals. It offers Sorenson Video Relay Service (SVRS), a free, 24-hour service that enables users to place and receive calls through a professional American sign language interpreter via a videophone and a high-speed Internet connection. The company also provides ntouch suite of products for deaf people, which include ntouch videophone; ntouch PC, a software that connects users to SVRS using a PC and Webcam; ntouch for Mac, a software that connects users to SVRS by using an Apple computer; ntouch tablet, which turns the Apple iPad with a front-facing camera into a l...

4192 South Riverboat Road

Salt Lake City, UT 84123

United States

Founded in 1995

Phone:

801-287-9400

Fax:

801-287-9401

Key Executives for Sorenson Communications, Inc.

Chief Executive Officer and President
Chief Financial Officer
Age: 53
Vice President of Operations
Vice President of Engineering and Compliance Officer
General Counsel
Compensation as of Fiscal Year 2015.

Sorenson Communications, Inc. Key Developments

Prepackaged Reorganization Plan and Disclosure Statement Approved for Sorenson Communications, Inc.

The US Bankruptcy Court approved the pre-packaged plan of reorganization and disclosure statement of Sorenson Communications, Inc. on April 10, 2014. The debtor filed its plan in the Court on March 3, 2014. As per the plan, administrative claims, professional fee claims and priority tax claims will be paid in full in cash. Secured tax claims will be paid in full in cash. Other secured claims will be reinstated or receive the collateral securing such claim. Other priority claims will be paid in cash in full. First lien credit facility claims in the amount of $554.97 million shall receive payment in full in cash. Allowed Secured Notes claims of $780.66 million will be paid New Secured Notes, $77.18 million repayment in cash of the outstanding indebtedness under the Secured Notes Indenture, 95.0% of the Holdco notes and 87.0% of the New Holdco interests on its pro rata share of the. Allowed general unsecured claims will be paid in cash. Sorenson interests will be paid, if such holder is an accredited investor, its pro rata share of 5% of the Holdco notes and 13% of the New Holdco interests. If such holder is not an accredited investor then cash of a value equal to such holder’s distribution on the effective date. Intercompany claims and Intercompany interests will be reinstated. The debtor is not aware of any claim under Section 510(b) and if any it will be discharged, canceled, released, and extinguished as of the effective date and shall not receive any distribution. The plan will be funded from cash in hand and generated from ongoing business operations. All existing equity interests in Sorenson Holdings shall be cancelled as of the effective date and New Holdco shall issue the New Holdco interests to holders of claims and interests entitled to receive New Holdco interests pursuant to the plan. On effective date, the reorganized debtor will execute and deliver the exit facility credit agreement, issuance of Holdco notes and new Secured notes. The exit facility will be in the form of $550 million term loan facility and up to $25 million of a first-out revolving facility. The new Holdco notes will be issued in principal amount of $300 million and new Secured notes will be issued in the principal amount of $375 million.

Prepackaged Reorganization Plan and Disclosure Statement Filed by Sorenson Communications, Inc.

Sorenson Communications, Inc. filed a joint prepackaged plan of reorganization and disclosure statement in the US Bankruptcy Court on March 3, 2014. Under the plan, administrative claims, allowed professional fee claims and priority tax claims will be paid in full in cash. Secured tax claims will be paid in full in cash. Other secured claims will be reinstated or receive the collateral securing such claim. Other priority claims will be paid in cash in full. First lien credit facility claims of $554.98 million shall receive payment in full in cash. Allowed Secured Notes claims of $780.66 million will be paid New Secured Notes, $77.18 million repayment in cash of the outstanding indebtedness under the Secured Notes Indenture, 95.0% of the Holdco notes and 87.0% of the New Holdco interests on its pro rata share of the. Allowed general unsecured claims will be paid in cash. Sorenson interests will be paid, if such holder is an accredited investor, its pro rata share of 5.0% of the Holdco notes and 13.0% of the New Holdco interests. If such holder is not an accredited investor then cash of a value equal to such holder’s distribution on the effective date. Intercompany claims and Intercompany interests will be reinstated. The debtor is not aware of any claim under Section 510(b) and if any it will be discharged, canceled, released, and extinguished as of the effective date and shall not receive any distribution. The plan will be funded from cash in hand and generated from ongoing business operations. All existing equity interests in Sorenson Holdings shall be cancelled as of the effective date and New Holdco shall issue the New Holdco interests to holders of claims and interests entitled to receive New Holdco interests pursuant to the plan. On effective date, the reorganized debtor will execute and deliver the exit facility credit agreement, issuance of Holdco Notes and new Secured Notes. The exit facility will be in the form of $550 million term loan facility and up to $25 million of a first-out revolving facility. The new Holdco notes will be issued in principal amount of $300 million and new Secured Notes will be issued in the principal amount of $375 million. The debtor filed a plan supplement on March 31, 2014. No major changes were made.

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