Posted November 21, 2008): Has the Trustee reached a definitive agreement with the Investor for the filing of a Chapter 11 Plan, and how will the confirmation process proceed?

On November 19, 2008, the Trustee and the proposed Investor executed a Master Subscription Agreement (“MSA”), which, together with a Chapter 11 plan, disclosure statement and related documents, constitutes a definitive agreement providing for the comprehensive restructuring of SEBC. The MSA and related documents are the product of over a year’s effort to negotiate and conclude an agreement that began with the ELOI (enhanced letter of intent) for a Transaction referred to in the response to Question 32 posted to this site on January 9, 2008. On November 20, 2008 the Trustee filed a Chapter 11 Plan of Reorganization with the Bankruptcy Court, including the MSA as an exhibit.

Copies of the Plan may be obtained at no charge by e-mail request to [email protected]. The Trustee is prohibited from soliciting votes to accept the Plan until a Disclosure Statement is approved by the Bankruptcy Court. The Trustee intends to file a Disclosure Statement during the week of November 24, 2008, ... more.

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