May 29, 2017 4:29 PM ET

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Company Overview of 7th Floor Productions, LLC

Company Overview

7th Floor Productions, LLC develops and produces independent feature films. The company is based in New York, New York.

New York, NY 

United States

Phone:

212-244-2317

Key Executives for 7th Floor Productions, LLC

7th Floor Productions, LLC does not have any Key Executives recorded.

7th Floor Productions, LLC Key Developments

Second Amended Reorganization Plan Approved for AOG Entertainment, Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of AOG Entertainment, Inc on September 22, 2016. As per the approved plan, Administrative Expense Claims, U.S. Trustee Fees, Fee Claims, Priority Tax Claims and Priority Non-Tax Claims of $0.01 million shall be paid in full in cash. DIP Claims of $30 million shall be reinstated. Other Secured Claims of $0.45 million shall be paid in full in cash. First Lien Lender Claims of $208.5 million shall receive a recovery of 46.8% in the form of Cash of its pro rata share of the first lien lender cash distribution of $32.5 million, pro rata share of the first lien lender equity distribution representing 100% of the New Class A LLC Units to be issued by New CORE Holdings, pro rata share of the new term loan facility of $30 million and subscription rights to subscribe for its pro rata share of the rights offering units. Second Lien Lender Claims of $188.8 million shall receive a recovery of 2.25% in the form of its allocated share of the second lien lender warrants distribution. General Unsecured Claims of $23.92 million will be paid total of $2.38 million in full satisfaction. Convenience Claims of $0.22 million shall be paid in full in cash. Subordinated Claims shall not receive or retain any distribution under the plan. All the existing interests shall be cancelled and shall not receive or retain any distribution under the plan. The plans shall be funded from debtor’s cash in hand, issuance of new common stock of New CORE Holdings, issuance of New Series P Convertible Preferred Units, issuance of new second lien warrants and new term loan facility of $30 million.

Second Amended Reorganization Plan and Disclosure Statement Filed by AOG Entertainment, Inc.

AOG Entertainment, Inc., along with its affiliates, filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on August 4, 2016. As per the amended plan filed, holders of General Unsecured Claims of $23.92 million will be paid total of $2.38 million in full satisfaction. The treatment of all the other classes of claims remains same as per the previous plan.

Final DIP Financing Approved for AOG Entertainment, Inc.

The US Bankruptcy Court gave an order to AOG Entertainment, Inc. to obtain DIP financing on final basis on July 27, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $30 million from Elvis Blue Moon Holdings, LLC. The DIP loan would carry an interest rate of 5% p.a. The DIP facility would mature either on 12 months from the date of execution of the DIP Credit Agreement or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.55 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final DIP hearing is scheduled for June 28, 2016. The DIP proceeds shall be used to make adequate protection payments, to provide for working capital expenditures and for general corporate purposes. The Court had granted the debtor an interim approval to access $6 million as DIP financing on June 3, 2016.

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