Starry Group Holdings, Inc., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on February 20, 2023. As per the plan filed, general administrative claims, professional fee claims, united states trustee statutory fees, priority tax claims, other priority claims and other secured claims shall be paid in full in cash. DIP facility claims of $43 million , if the restructuring is consummated, converted on a dollar for-dollar basis into rollover exit facility loans and shall receive new warrants in accordance with the exit facility term sheet, or, paid in full in cash from sale transaction proceeds.

Prepetition term loan claims shall receive, its pro rata share of the new common equity in case of restructuring, otherwise, pro rata share of cash. General unsecured claims shall receive, if participating, its pro rata share of the greater of $0.25 million; and the difference between the amount of professional fees of the debtor professionals and committee professionals set forth in the initial budget minus the actual amount of professional fees and expenses allowed to such retained professionals at any time, subject to a cap of $2 million, and if non participating, shall receive no consideration in case of restructuring, otherwise, if participating, its pro rata share of the greater of $0.25 million; and the difference between the amount of professional fees of the debtor professionals and committee professionals set forth in the initial budget minus the actual amount of professional fees and expenses allowed to such retained professionals at any time, subject to a cap of $2 million, and if non participating, shall receive share of remaining cash. Intercompany claims and intercompany interests shall be adjusted, reinstated, or discharged without any distribution.

Subordinated claims of $0 shall receive no distribution. Equity interests shall receive no distribution under the plan, and all equity interests shall be released, discharged, and extinguished in the event of a restructuring, otherwise, shall receive share of remaining cash. In the event of a Restructuring, the Debtors shall fund Cash distributions under the Plan with Cash on hand, including Cash from operations and the proceeds of the DIP facility, and the proceeds of the exit facility of $11 million in the event of a sale transaction, the debtors shall fund distributions under the plan from cash on hand (if any) and the sale transaction proceeds.