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Amended Disclosure Statement 1 Thomas W. Stilley, OSB No. 883167 Stephen S. Gray Howard M. Levine, OSB No. 800730 CRG PARTNERS GROUP, LLC 2 SUSSMAN SHANK LLP 2 Atlantic Avenue 1000 SW Broadway, Suite 1400 Boston, MA 02110 3 Portland, OR 97205-3089 Telephone: (617) 482-4242 Telephone: (503) 227-1111 Facsimile: (617) 482-9804 4 Facsimile: (503) 248-0130 E-Mail: [email protected] E-Mail: [email protected] Future Claimants Representative 5 [email protected] Attorneys for Debtor and Debtor-In- 6 Possession 7 James I. Stang, CA Bar No. 94435 Richard K. Hansen, OSB No. 832231 Pamela E. Singer, CA Bar No. 224758 Thomas V. Dulcich, OSB No. 802105 8 PACHULSKI STANG ZIEHL SCHWABE WILLIAMSON & WYATT PC & JONES LLP 1211 SW Fifth Avenue, Suite 1900 9 10100 Santa Monica Blvd., 11th Floor Portland, OR 97204 Los Angeles, California 90067-4100 Telephone: (503) 796-2958 10 Telephone: (310) 277-6910 Facsimile: (503) 796-2900 Facsimile: (310) 201-0760 E-mail: [email protected] 11 E-mail: [email protected] [email protected] [email protected] Special Claims Counsel for Debtor and 12 Attorneys for Official Committee of Debtor-In-Possession Unsecured Creditors 13 Paul A. Richler, CA Bar No. 59909 James R. Murray, WA Bar No. 25263 14 MORGAN LEWIS & BOCKIUS LLP Scott N. Godes, DC Bar No. 463674 300 South Grand Ave., 22nd Floor DICKSTEIN SHAPIRO LLP 15 Los Angeles, CA 90071-3132 1825 Eye Street NW Telephone: (213) 612-1104 Washington, D.C. 20006 16 Facsimile: (213) 612-2501 Telephone: (202) 420-3409 E-mail: [email protected] Facsimile: (202) 420-2201 17 Special Insurance Counsel for Official E-mail: [email protected] Committee of Unsecured Creditors [email protected] 18 Special Insurance Counsel for Debtor and 19 Debtor-In-Possession 20 UNITED STATES BANKRUPTCY COURT DISTRICT OF OREGON 21 In re ) 22 ) Case No. 09-30938-elp11 SOCIETY OF JESUS, OREGON ) 23 PROVINCE, an Oregon domestic nonprofit ) DISCLOSURE STATEMENT religious corporation, ) REGARDING FIRST MODIFIED 24 ) JOINT PLAN OF REORGANIZATION Debtor. ) DATED MAY 27, 2011 25 ) ) 26 ) Case 09-30938-elp11 Doc 1187-1 Filed 05/27/11 1 TABLE OF CONTENTS 2 I. INTRODUCTION AND STATEMENTS REGARDING REPRESENTATIONS ........... 1 3 A. Introduction........................................................................................................... 1 4 B. Definitions and Plan Supremacy........................................................................... 1 5 C. Summary of Key Features of the Plan.................................................................. 2 6 D. Limited Representations..................................................................................... 10 7 E. Voting ................................................................................................................. 12 8 F. Plan Summary.................................................................................................... 14 9 II. FUNDING SOURCES FOR THE PLAN................................................................... 17 10 III. THE SOCIETY OF JESUS, OREGON PROVINCE ................................................. 20 11 A. The History of the Province ................................................................................ 20 12 B. The Debtor’s and Participating Parties’ Assets And Liabilities............................ 23 13 1. Assets...................................................................................................... 23 14 (a) Unrestricted Property.......................................................................... 24 15 (b) Property Held Within Trusts................................................................ 24 16 (c) Third Party Property ........................................................................... 24 17 2. Liabilities.................................................................................................. 24 18 (a) Administrative Claims......................................................................... 24 19 (b) Priority Claims .................................................................................... 24 20 (c) General Unsecured Claims ................................................................ 24 21 (d) Current Abuse Claims ........................................................................ 25 22 (e) Future Abuse Claims.......................................................................... 26 23 (f) Insured Non-Abuse Claims................................................................. 26 24 (g) Student Loan Claims .......................................................................... 26 25 (h) Charitable Gift Annuity Claims............................................................ 26 26 (i) Retiree Benefit Claims........................................................................ 26 Case 09-30938-elp11 Doc 1187-1 Filed 05/27/11 1 (j) Donor and Beneficiary Claims ............................................................ 26 2 (k) Abuse Related Contribution/Indemnity Claims ................................... 27 3 IV. DESCRIPTION OF THE PLAN................................................................................ 29 4 A. Classification And Treatment Of Claims Under The Plan ................................... 29 5 1. Claim Amounts ............................................................................................ 29 6 2. Effective Date of the Plan............................................................................ 29 7 3. Classification Generally............................................................................... 29 8 4. Treatment of Claims .................................................................................... 30 9 B. Executory Contracts and Unexpired Leases to be Assumed if not Rejected...... 30 10 C. Objections to Claims........................................................................................... 30 11 D. Administrative Claims Bar Date.......................................................................... 31 12 E. Discharge ........................................................................................................... 31 13 F. Vesting of Property ............................................................................................. 33 14 G. Exculpation and Limitation of Liability and Injunctions........................................ 33 15 H. Reservation of Rights ......................................................................................... 40 16 V. POST-CONFIRMATION MANAGEMENT OF REORGANIZED DEBTOR............... 41 17 VI. FEDERAL TAX CONSEQUENCES......................................................................... 41 18 VII. ACCEPTANCE AND CONFIRMATION .................................................................. 43 19 A. Voting Procedures .............................................................................................. 43 20 1. Generally..................................................................................................... 43 21 2. Current Abuse Claimant and FCR Elections ............................................... 43 22 3. Incomplete Ballots ....................................................................................... 44 23 4. Withdrawal Of Ballots; Revocation .............................................................. 45 24 5. Submission Of Ballots ................................................................................. 45 25 6. Confirmation Hearing and Plan Objection Deadline .................................... 46 26 7. Feasibility .................................................................................................... 47 Case 09-30938-elp11 Doc 1187-1 Filed 05/27/11 1 B. Best Interests Of Creditors ................................................................................. 47 2 C. Confirmation Over Dissenting Class................................................................... 48 3 1. No Unfair Discrimination.............................................................................. 48 4 2. Fair and Equitable Test ............................................................................... 49 5 (a) Secured Creditors............................................................................... 49 6 (b) Unsecured Creditors........................................................................... 49 7 VIII. ALTERNATIVES TO THE PLAN........................................................................... 49 8 IX. CONCLUSION....................................................................................................... 50 9 10 THIS DISCLOSURE STATEMENT HAS NOT YET BEEN APPROVED BY 11 THE COURT AS CONTAINING ADEQUATE INFORMATION WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. IF YOU 12 HAVE REQUESTED AND RECEIVED A COPY OF THIS DISCLOSURE 13 STATEMENT IN CONNECTION WITH THE COURT’S HEARING TO CONSIDER APPROVAL OF THE DISCLOSURE STATEMENT, NOTHING 14 CONTAINED HEREIN IS OR SHALL BE DEEMED A SOLICITATION OF ACCEPTANCE OF THE PLAN OF REORGANIZATION. 15 16 17 18 19 20 21 22 23 24 25 26 Case 09-30938-elp11 Doc 1187-1 Filed 05/27/11 1 Society of Jesus, Oregon Province, an Oregon non-profit corporation (the 2 “Debtor”)1, the Official Committee of Unsecured Creditors appointed in this Case (the 3 “Committee”), and the Future Claimants Representative appointed in this Case (the 4 “Future Claimants Representative” or “FCR”) (collectively the “Proponents”) have 5 prepared this Disclosure Statement in connection with the solicitation of acceptances
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