Benefytt Technologies, Inc., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on June 5, 2023. As per the plan filed, general administrative claims, professional fee claims, priority tax claims, U.S. Trustee fees, other priority claims of $0 and DIP claims shall receive payment in full in cash. Other secured claims of $0 shall either be reinstated, paid in cash or delivered collateral securing such claim.

Revolving credit facility claims of $100 million shall receive its pro rata share of the new first out loans under the new first lien term loan facility. Term loan claims of $522.5 million its pro rata share of the new last out loans under the new first lien term loan facility and 100% of the new common equity. General unsecured claims of $20.8 million shall receive its pro rata share of rights under the existing contract assets collections waterfall.

Intercompany claims and intercompany interests shall have its claim reinstated, contributed, distributed, cancelled, released, extinguished, converted into equity, or otherwise settled. Existing equity interests and section 510(b) claims shall be discharged, cancelled, released, and extinguished without any distribution, and will be of no further force or effect, and the holders shall not receive or retain any distribution, property. The plan shall be funded from the issuance of or borrowings under the new first lien term loan facility, equity shares and cash on hand.

Benefytt Technologies, Inc. filed a modified plan of reorganization with related disclosure statement in the US Bankruptcy Court on July 24, 2023. As per the plan filed, revolving credit facility claims of $100 million shall be recovered 100%. Term loan claims of $522.5 million shall be recovered between 46.9%-58% and shall receive its pro rata share of the new second out loans under the new first lien term loan facility, the new third out loans under the new first lien term loan facility, and 100% of the new common equity.

General unsecured claims of $20.8 million shall be recovered 0% and shall receive its pro rata share of the GUC trust beneficial interests. The plan shall also be funded by GUC trust net assets, new first out loans of $100 million, new second out loans of $198 million and new third out loans of $327 million. There are no changes in the treatment of any other claim class or sources of plan funding.