Exhibit 10.82
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re:
:
:
Jointly Administered
BORDEN CHEMICALS AND PLASTICS
:
Case No. 01-1268 (PJW)
OPERATING LIMITED PARTNERSHIP, a
:
Delaware limited partnership, et al.,
:
(Chapter 11)
:
Debtors.
:
:
And
:
:
:
Case No. 02-10875 (PJW)
In re:
:
:
(Chapter 11)
BCP MANAGEMENT, INC.,
:
a Delaware corporation,
:
:
Debtor.
:
:
THIRD AMENDED JOINT PLAN OF LIQUIDATION OF (1) BORDEN
CHEMICALS AND PLASTICS OPERATING LIMITED PARTNERSHIP AND BCP FINANCE CORPORATION AND (2) BCP MANAGEMENT, INC.
MICHAEL D. DEBAECKE, ESQ, (DE 3186) BLANK ROME COMISKY &
MCCAULEY LLP
Chase Manhattan Centre
1201 Market Street, Suite 800
Wilmington, DE 19801 (302) 425-6412
MICHAEL R. LASTOWSKI, ESQ. (DE 3892) DUANE MORRIS LLP
1100 North Market Street, Suite 1200
Wilmington, Delaware 19801
(302) 657-4942
-and-
-and-
ROBERT J. SIDMAN, ESQ. (OH 0017390) VORYS, SATER, SEYMOUR AND
PEASE LLP
52 East Gay Street
Columbus, OH 43215
(614) 464-6422
DAVID G. HEIMAN, ESQ. (OH 0038271) JONES, DAY, REAVIS & POGUE
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
(216) 586-3939
NEIL P. OLACK, ESQ. (GA 551250) JONES, DAY, REAVIS & POGUE
3500 SunTrust Plaza
303 Peachtree Street, N.E.
Atlanta, Georgia 30308-3242
(404) 521-3939
ATTORNEYS FOR DEBTOR AND DEBTOR IN POSSESSION
BCP MANAGEMENT, INC.
December 5, 2002
ATTORNEYS FOR DEBTORS AND DEBTORS IN POSSESSION
BORDEN CHEMICALS AND PLASTICS
OPERATING LIMITED PARTNERSHIP
AND BCP FINANCE CORPORATION
TABLE OF CONTENTS
Page
INTRODUCTION
1
Article I
DEFINED TERMS, RULES OF INTERPRETATION AND COMPUTATION OF TIME
1
A.
Defined Terms
1
1.
" Administrative Claim"
1
2.
" Administrative Trade Claim"
2
3.
" Allowed Claim"
2
4.
" Allowed [ ] Claim"
2
5.
" APSC Claim"
2
6.
" Assets"
2
7.
" Assumed Executory Contracts"
2
8.
" Ballots"
2
9.
" Bank Loan Claim"
2
10.
" Bankruptcy Code"
2
11.
" Bankruptcy Court"
2
12.
" Bankruptcy Rules"
2
13.
" Bar Date"
3
14.
" Bar Date Order"
3
15.
" BCP Available Cash"
3
16.
" BCPM Available Cash"
3
17.
" BCP Liquidating LLC"
3
18.
" BCPM DIP Facility"
3
19.
" BCPM DIP Lender"
3
20.
" BCPM Liquidating LLC"
3
21.
" BCP LLC Agent"
3
22.
" BCPM LLC Agent"
3
23.
" BCP LLC Agreement"
3
24.
" BCPM LLC Agreement"
4
25.
" BCP LLC Managers"
4
26.
" BCPM LLC Managers"
4
27.
" Borden Entity"
4
28.
" Business Day"
4
29.
" Cash"
4
30.
" Cash Management Order"
4
-i-
TABLE OF CONTENTS
(continued)
Page
31.
" Causes of Action"
4
32.
" Chapter 11 Case"
4
33.
" Claim"
4
34.
" Claims Objection Bar Date"
4
35.
" Class"
5
36.
" Common Shares of BCPM"
5
37.
" Common Shares of BCP Finance"
5
38.
" Confirmation"
5
39.
" Confirmation Date"
5
40.
" Confirmation Hearing"
5
41.
" Confirmation Order"
5
42.
" Creditors' Committees"
5
43.
" Cure Amount Claim"
5
44.
" Debtor," " Debtors," " Debtors in Possession" or " DIP"
5
45.
" Derivative Claim"
5
46.
" DIP"
5
47.
" DIP Facilities"
5
48.
" DIP Lender"
5
49.
" Disbursing Agent"
6
50.
" Disclosure Statement"
6
51.
" Disputed"
6
52.
" Disputed Insured Claim"
6
53.
" Distribution"
6
54.
" Distribution Record Date"
6
55.
" Document Reviewing Centers"
6
56.
" Effective Date"
6
57.
" Estate"
7
58.
" Executory Contract or Unexpired Lease"
7
59.
" Face Amount"
7
60.
" Fee Claim"
7
61.
" Fee Order"
7
62.
" File," " Filed" or " Filing"
7
63.
" Final Order"
7
-ii-
TABLE OF CONTENTS
(continued)
Page
64.
" Fleet"
8
65.
" Fleet DIP Facility"
8
66.
" Fleet DIP Lender"
8
67.
" General Unsecured Claim"
8
68.
" General Partnership Interests of BCP"
8
69.
" Impaired"
8
70.
" Indenture Trustee"
8
71.
" Insured Claim"
8
72.
" Intercompany Claim"
8
73.
" Interdebtor Claims"
8
74.
" Interest"
8
75.
" IRS"
8
76.
" Limited Partnership Interests of BCP"
8
77.
" LLC Agent"
8
78.
" Loan Agreement"
8
79.
" Ordinary Course Professional Order"
9
80.
" Person"
9
81.
" Petition Date"
9
82.
" Plan"
9
83.
" Plan Supplement"
9
84.
" Prepetition Credit Facility"
9
85.
" Prepetition Indenture"
9
86.
" Priority Claim"
9
87.
" Priority Tax Claim"
9
88.
" Professional"
9
89.
" Professional Fee Claim"
9
90.
" Professional Fees"
9
91.
" Proof of Claim"
9
92.
" Pro Rata"
10
93.
" Quarterly Distribution Date"
10
94.
" Real Property Executory Contract or Unexpired Lease"
10
95.
" Restructuring Transactions"
10
96.
" Schedules"
10
-iii-
TABLE OF CONTENTS
(continued)
Page
97.
" Secured Claim"
10
98.
" Senior Note Claim"
10
99.
" Senior Notes"
10
100.
" Stipulation of Amount and Nature of Claim"
10
101.
" Tax"
10
102.
" Tax Code"
11
103.
" Tort Claim"
11
104.
" Trade Claim"
11
105.
" Treasury Regulations"
11
106.
" Unimpaired Claim"
11
107.
" Unimpaired Class"
11
108.
" Uninsured Claim"
11
109.
" U.S. Trustee"
11
110.
" Voting Deadline"
11
111.
" Voting Instructions"
11
112.
" Voting Record Date"
11
B.
Rules of Interpretation and Computation of Time
11
1.
Rules of Interpretation
11
2.
Computation of Time
12
Article II
CLASSES OF CLAIMS AND INTERESTS
12
A.
Classes of Claims Against BCP/BCP Finance
12
1.
Secured Claims
12
a. Class C-1 (BCP Bank Loan Claims)
12
b. Class C-2 (Other Secured Claims)
12
2.
Unsecured Claims
12
a. Class C-3 (BCP Unsecured Priority Claims)
12
b. Class C-4 (BCP General Unsecured Claims)
12
c. Class C-5 (BCP Intercompany Claims)
12
d. Class C-6 (BCP Penalty Claims)
12
e. Class C-7 (BCP Convenience Claims)
13
f. Class C-8 (BCP Finance Claims)
13
g. Class C-9 (Certain BCP Environmental Claims)
13
h. Class C-10 (Senior Note Claims)
13
-iv-
TABLE OF CONTENTS
(continued)
Page
B.
Classes of Interests in BCP/BCP Finance
13
1.
Class E-1 (BCP Limited Partnership Interests). Interests on account of the Limited Partnership Interests of BCP
13
2.
Class E-2 (BCP General Partnership Interests). Interests on account of the General Partnership Interests of BCP
13
3.
Class E-3 (BCP Finance Common Shares). Interests on account of the Common Shares of BCP Finance
13
C.
Classes of Claims Against BCPM
13
1.
Secured Claims
13
a.
Class CC-1
13
b.
Class CC-2
13
2.
Unsecured Claims
13
a.
Class CC-3 (BCPM Unsecured Priority Claims)
13
b.
Class CC-4 (BCPM General Unsecured Claims)
13
c.
Class CC-5 (BCPM Intercompany Claims)
13
d.
Class CC-6 (BCPM Penalty Claims)
14
e.
Class CC-7 Intentionally omitted
14
f.
Class CC-8 Intentionally omitted
14
g.
Class CC-9 (Certain BCPM Environmental Claims)
14
D.
Classes of Interests in BCPM
14
1.
Class EE-1 (BCPM Shares): Interests on account of the Common shares of BCPM
14
Article III
TREATMENT OF CLAIMS AND INTERESTS
14
A.
Unclassified Claims
14
1.
Payment of Administrative Claims
14
a.
Administrative Claims in General
14
b.
Statutory Fees
14
c.
Ordinary Course Liabilities
15
d.
Claims Under the Fleet DIP Facility
15
e.
Claims Under the BCPM DIP Facility
15
f.
Professional Fee Claims
15
g.
Bar Dates for Administrative Claims
15
i. General Bar Date Provisions
15
ii. Bar Dates for Certain Administrative Claims
16
-iv-
TABLE OF CONTENTS
(continued)
Page
A. Professional Compensation
16
B. Ordinary Course Liabilities
16
C. Claims Under the BCPM DIP facility
16
2.
Payment of Priority Tax Claims
16
a.
Priority Tax Claims
16
b.
Other Provisions Concerning Treatment of Priority Tax Claims
17
B.
Classified Claims of BCP/BCP Finance
17
1.
Secured Claims
17
a.
Class C-1 Claims (BCP Bank Loan Claims) are Unimpaired
17
b.
Class C-2 Claims (Other Secured Claims) are Impaired
17
2.
Unsecured Claims
17
a.
Class C-3 Claims (BCP Unsecured Priority Claims) are Unimpaired
17
b.
Class C-4 Claims (BCP General Unsecured Claims) are Impaired
17
c.
Class C-5 Claims (BCP Intercompany Claims) are Impaired
17
d.
Class C-6 Claims (BCP Penalty Claims) are Impaired
18
e.
Class C-7 (BCP Convenience Claims) are Impaired
18
f.
Class C-8 (BCP Finance Claims) are Impaired
18
g.
Class C-9 (Certain BCP Environmental Claims) are Unimpaired
18
h.
Class C-10 (Senior Note Claims) are Impaired
18
C.
Classified Interests
18
1.
Class E-1 Interests (Limited Partnership Interests of BCP) are Impaired
18
2.
Class E-2 Interests (General Partnership Interests of BCP) are Impaired
19
3.
Class E-3 Interests (Common Shares of BCP Finance) are Impaired
19
D.
Classified Claims of BCPM
19
1.
Secured Claims
19
a.
Class CC-1 Claims (BCPM Secured Claims) are Unimpaired
19
2.
Unsecured Claims
19
a.
Class CC-3 Claims (BCPM Unsecured Priority Claims) are Unimpaired
19
b.
Class CC-4 Claims (BCPM General Unsecured Claims) are Impaired
19
c.
Class CC-5 Claims (BCPM Intercompany Claims) are Impaired
19
d.
Class CC-6 Claims (BCPM Penalty Claims) are Impaired
20
e.
Class CC-7
20
f.
Class CC-8
20
-vi-
TABLE OF CONTENTS
(continued)
Page
g.
Class CC-9 (Certain BCPM Environmental Claims) are Unimpaired
20
E.
Classified Interests of BCPM
20
1.
Class EE-1 Interests (Common Shares of BCPM) are Impaired
20
F.
Claims for Substantial Contribution
20
G.
Deficiency Claims
20
Article IV
EFFECT OF CONFIRMATION
21
A.
Transfer, Liquidation of Assets
21
1.
Transfer
21
2.
Liquidation
21
B.
Release of Assets
21
C.
Binding Effect
21
D.
Term of Injunctions or Stays
21
E.
Causes of Action
21
F.
Final Satisfaction of Claims
22
G.
Injunction
22
Article V
MEANS FOR IMPLEMENTATION OF THE PLAN
22
A.
Implementation of the Plan
22
1.
Restructuring Transactions
22
2.
Obligations of Any Successor Corporation in a Restructuring Transaction
23
3.
Effectuating Documents; Further Transactions
23
4.
Bank Accounts
24
B.
BCP Liquidating LLC
24
1.
Establishment of BCP Liquidating LLC
24
2.
Purpose of BCP Liquidating LLC
24
3.
BPC LLC Agent
24
4.
Managers of BCP Liquidating LLC
25
5.
Transfer of Assets
25
6.
Funding Expenses of BCP Liquidating LLC
26
7.
Privilege
26
8.
Professionals
26
9.
LLC Distributions; Claimants
27
10.
Valuation of Assets
27
11.
Liquidation of Assets
27
-vii-
TABLE OF CONTENTS
(continued)
Page
12.
Investment Powers
27
13.
LLC Reporting Duties; Income Tax and Related Information
28
14.
Tax Cooperation and Information
28
15.
Termination
29
16.
Net BCP Liquidating LLC Recoveries; Affirmative Obligations
29
C.
BCPM Liquidating LLC
29
1.
Establishment of BCPM Liquidating LLC
30
2.
Purpose of BCPM Liquidating LLC
30
3.
BCPM LLC Agent
31
4.
Managers of BCPM Liquidating LLC
31
5.
Transfer of Assets
31
6.
Funding Expenses of BCPM Liquidating LLC
31
7.
Privilege
31
8.
Professionals
32
9.
LLC Distributions; Claimants
32
10.
Valuation of Assets
32
11.
Liquidation of Assets
32
12.
Investment Powers
33
13.
LLC Reporting Duties; Income Tax and Related Information
33
a. Tax Status
33
b. Statement of BCPM
33
c. Other Filings
33
d. Right to Obtain Information from Members
34
14.
Tax Cooperation and Information
34
15.
Termination
34
16.
Net BCPM Liquidating LLC Recoveries; Affirmative Obligations
34
D.
Preservation of Causes of Action; Settlement of Claims and Releases
35
1.
Preservation of Causes of Action
35
2.
Comprehensive Settlement of Claims and Controversies
35
3.
Releases
35
a. General Releases by Holders of Claims or Interests
35
b. Injunction Related to Releases
36
E.
Limitations on Amounts to Be Distributed to Holders of Allowed Insured Claims
36
-viii-
TABLE OF CONTENTS
(continued)
Page
F.
Cancellation and Surrender of Instruments, Securities and Other Documentation
36
G.
Release of Liens
37
H.
Exemption from Certain Transfer Taxes
37
I.
Closing of the Chapter 11 Cases
37
Article VI
TREATMENT OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES
37
A.
Executory Contracts and Unexpired Leases to Be Assumed or Assumed and Assigned
37
1.
Assumption and Assignment Generally
37
2.
Assumptions and Assignments of Real Property Executory Contracts or Unexpired Leases
38
3.
Assignments Related to the Restructuring Transactions
38
4.
Approval of Assumptions and Assignments
38
B.
Payments Related to the Assumption of Executory Contracts or Unexpired Leases
38
C.
Executory Contracts and Unexpired Leases to Be Rejected
39
D.
Bar Date for Rejection Damages
39
E.
Contracts and Leases Entered Into After the Petition Date
39
Article VII
PROVISIONS GOVERNING DISTRIBUTIONS
39
A.
Distributions for Claims Allowed as of the Effective Date
39
B.
Method of Distributions to Holders of Claims
40
C.
Disbursing Agent; Compensation and Reimbursement for Services Related to Distributions
40
D.
Delivery of Distributions and Undeliverable or Unclaimed Distributions
41
1.
Delivery of Distributions
41
a. Generally
41
b. Special Provisions for Distributions to Holders of Senior Note Claims
41
2.
Undeliverable Distributions Held by Disbursing Agent
41
a. Holding and Investment of Undeliverable Distributions
41
b. After Distributions Become Deliverable
42
c. Failure to Claim Undeliverable Distributions
42
E.
Distribution Record Date
42
F.
Means of Cash Payments
42
G.
Timing and Calculation of Amounts to Be Distributed
43
1.
Allowed Claims
43
2.
De Minimis Distributions
43
-ix-
TABLE OF CONTENTS
(continued)
Page
3.
Time Bar to Cash Payments
43
4.
Compliance with Tax Requirements
43
H.
Surrender of Canceled Instruments or Securities
44
I.
Setoffs
44
Article VIII
PROCEDURES FOR RESOLVING DISPUTED CLAIMS
44
A.
Prosecution of Objections to Claims
44
1.
Objections to Claims
44
2.
Authority to Prosecute Objections
44
B.
Estimation of Claims
45
C.
Treatment of Disputed Claims
45
1.
Disputed APSC Claims
45
2.
Disputed General Unsecured Claims Against BCP and BCPM
45
3.
Distributions on Account of Disputed Claims Once Allowed
45
a.
Disputed APSC Claims
45
b.
Disputed General Unsecured Claims
46
4.
Disputed Unsecured Claims That Are Disallowed
46
D.
Allowance; Disallowance of Claims and Interests
46
1.
Allowance of Claims
46
2.
Disallowance of Claims
46
Article IX
CONDITIONS PRECEDENT TO CONFIRMATION AND CONSUMMATION OF THE PLAN
47
A.
Conditions Precedent to Confirmation
47
B.
Conditions Precedent to the Effective Date
47
C.
Waiver of Conditions to the Confirmation or Effective Date
47
D.
Effect of Nonoccurrence of Conditions to the Effective Date
47
Article X
CRAMDOWN
48
Article XI
EXCULPATION AND INJUNCTION
48
A.
Exculpation
48
B.
Injunctions
48
C.
Termination of Subordination Rights and Settlement of Related Claims and Controversies
49
Article XII
RETENTION OF JURISDICTION
49
Article XIII
MISCELLANEOUS PROVISIONS
51
A.
Continued Employment of Professionals
51
-x-
TABLE OF CONTENTS
(continued)
Page
B.
Dissolution of the Creditors' Committees
51
C.
Modification of the Plan
51
D.
Revocation of the Plan
52
E.
Severability of Plan Provisions
52
F.
Professional Fees and Expenses
52
G.
Successors and Assigns
52
H.
Service of Certain Plan Exhibits and Disclosure Statement Exhibits
52
I.
Service of Documents
52
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