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the Management Incentive Plan, and cash sufficient to satisfy any accrued and unpaid indenture trustee fees and expenses pursuant to the First Lien Notes indenture.
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ii.
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Second Lien PIK Notes Claims. Each holder of an allowed Second Lien PIK Notes claim, on the Effective Date of the Plan, or as soon as reasonably practicable thereafter, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for such Second Lien PIK Notes claim, will receive: (i) its pro rata share of 8.5% of the New PDC Equity, subject to dilution on account of the equity issued, if any, pursuant to the Management Incentive Plan and New 2L Warrants; (ii) new 7-year warrants (the “New 2L Warrants”) to purchase its pro rata share of 15% of the New PDC Equity exercisable at a strike price equivalent to an equity value of NewCo, as reorganized pursuant to the Plan, of $750 million; and (iii) cash sufficient to satisfy any accrued and unpaid indenture trustee fees and expenses pursuant to the Second Lien PIK Notes indenture.
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Other Share Information
As of December 21, 2020, PDSA had 75,203,391 common shares issued and outstanding. As noted above, such common shares have been found by the Bankruptcy Court in the Chapter 11 Cases to have no value and, on the Effective Date, will either be (a) transferred to the Sole Owner, as a result of which PDSA will become an indirect wholly owned subsidiary of NewCo, or (b) transferred to an estate representative, after which PDSA will be dissolved or liquidated.
As noted above, the reorganized Company will (a) issue the New 2L Warrants and (b) reserve up to 8.0% of New PDC Equity, which may be granted in the future at the discretion of the board of managers pursuant to the Management Incentive Plan. No other shares of the reorganized Company will be reserved for future issuances in respect of claims and interests filed and allowed under the Plan.
Assets and Liabilities
Information regarding the assets and liabilities of the Company as of the most recent practicable date is hereby incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, filed with the Securities and Exchange Commission (the “SEC”) on November 6, 2020.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would,” or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the timing of our expected emergence from our Chapter 11 Cases; the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings.
