Altera Infrastructure L.P., filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on August 31, 2022. As per the plan filed, administrative claims, professional claims, priority tax claims, other priority claims, and other secured claims will be paid full in cash before the effective date. Allowed dip claims of $70 million shall receive payment in full in cash or in equity.

Allowed intermediateco rcf claims and allowed intermediateco notes claims hall receive an allocation of the intermediateCo new common stock distribution to be determined by the debtors on or before the effective date. IntermediateCo guarantee claims shall receive its pro rata share of the new warrants, subject to dilution on account of the management incentive plan. Credit agreement claims against subsidiary debtors, & Credit agreement claims against Altera recovery will get decided after voting.

Altera unsecured notes claims and Other general unsecured claims at Altera and Altera finance corp. shall receive its pro rata share of the new warrants, and General unsecured claims at debtors other than Altera and Altera finance corp. shall be paid full in cash and reinstatement.

Intercompany claims & Intercompany Interest shall be reinstated or cancelled, released, and extinguished without any distribution at the debtors. Existing preferred equity interests in altera, & Existing common equity interests in Altera and Altera GP, shall have such Interest cancelled, released, and extinguished without any distribution. Section 510(b) claims shall be discharged without any distribution.

The plan will be funded through cash in hand, issuance of new common stock and new warrants.