Airspan Networks Holdings Inc. filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 30, 2024. As per the plan filed, administrative claims, DIP claims, professional fee claims, priority tax claims, other priority claims, other secured claims, transaction expenses, general unsecured claims, shall be paid in full in cash. Senior secured claims in the aggregate principal amount of $146.90 million, plus any accrued and unpaid interest shall receive pro rata share of 94.375% of new common equity, if reorganization transaction occurs.

If sale transaction event occurs, then senior secured claims shall be paid in full in cash. Subordinated claims aggregate principal amount of $46.41 million, plus any accrued and unpaid interest shall receive, if reorganization transaction event occur, its pro rata share of 5.625% of new common equity, the new existing subordinated debt warrants, and the right to participate in the new money common equity investment opportunity. In the event of a sale transaction, the Holder of an allowed subordinated claim shall receive payment in cash.

Intercompany claims and intercompany interests shall be reinstated. Existing common stock interests, in the event of a reorganization transaction, all existing common stock interests shall be canceled, released, and extinguished and will be of no further force or effect. Notwithstanding the foregoing, each Eligible Holder of an Existing Common Stock Interest shall, in exchange for providing the Releases provided by such Eligible Holder, receive its Pro Rata Share of the Equity Cash Pool or at such Eligible Holder?s election, in lieu of its Pro Rata Share of the Equity Cash Pool, its Pro Rata share of New Existing Equity Warrants; provided that, if more than 150 Eligible Holders elect to receive New Existing Equity Warrants, no New Existing Equity Warrants shall be issued and all Eligible Holders, regardless of election, shall receive shares of the Equity Cash Pool.

Each Holder of an Existing Common Stock Interest is an Excluded Party shall have its Existing Common Stock Interests extinguished, canceled and released without any distribution. In the event of a Sale Transaction, each Holder of Existing Common Stock Interests shall receive payment in Cash or other consideration in an amount equal to or greater than the recovery such Holder would receive pursuant to a Reorganization Transaction. Other equity interests shall be cancelled.

The plan shall be funded through cash, cash generated from operations and either (a) if the reorganization transaction is consummated, funds from the DIP Facility, and funds generated through issuance of the new money common equity investment opportunity, or (b) if the sale Transaction is consummated, the proceeds of the sale transaction.