EME Reorganization Trust Announces Resolution of Final Tax Schedule under EIX Settlement Agreement - KAIT-Jonesboro, AR-News, weather, sports

EME Reorganization Trust Announces Resolution of Final Tax Schedule under EIX Settlement Agreement

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SOURCE EME Reorganization Trust

SANTA ANA, Calif., Aug. 29, 2014 /PRNewswire/ -- EME Reorganization Trust (OTCBB: EMEZU) announced that it has entered into an agreement with Edison International (NYSE: EIX) that settles the final amounts payable to the EME Reorganization Trust (the "Trust") by Edison International ("EIX") related to certain tax attributes of Edison Mission Energy ("EME") as contemplated by the Settlement Agreement between EIX, EME and certain former creditors of EME.  

The settlement provides that EIX will issue, execute and deliver to the Trust, on or before September 8, 2014, (a) zero coupon unsecured notes due September 30, 2015 in an aggregate principal amount of $203,619,052 and (b) zero coupon unsecured notes due September 30, 2016 in an aggregate principal amount of $213,955,857.

EIX and the Trust further agreed to distribute all cash and other assets in an escrow account that was set up by the parties under the Settlement Agreement, with $1,300,000 being released to EIX and the remainder (approximately $48,700,000) being distributed to the Trust. Upon distribution of the escrow assets, EIX will have no further recourse for any indemnity, liability or damages against the Trust, its assets or any of the EME released parties under the Settlement Agreement.

EME Reorganization Trust was formed in connection with the confirmation and consummation of the Third Amended Joint Chapter 11 Plan of Reorganization (with Technical Modifications) for EME and certain of its subsidiaries (the Plan). The Plan became effective on April 1, 2014. The primary purpose of the EME Reorganization Trust is to resolve claims, liquidate remaining assets and make distributions as appropriate to holders of its beneficial interests.

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