The US Bankruptcy Court approved the third amended plan of reorganization and second amended disclosure statement of Altera Infrastructure L.P on November 4, 2022. The debtor has filed its third amended plan in the Court on November 3, 2022. As per the amended plan, administrative claims, priority tax claims, other priority claims of $0.94 million, professional claims and other secured claims will be paid in full cash.

DIP claims of $70 million will be paid in full in cash and equity. Credit Agreement Claims Against Subsidiary Debtors of $555 million will be paid on pro rata basis in cash, Credit Agreement Claims Against Altera Parent of $555 million will be recovered 1% in equity, IntermediateCo Notes Claims of $957.10 million will be recovered 19.5% in equity and IntermediateCo RCF Claims of $12.20 million will be paid in full in cash and equity. Altera Unsecured Notes Claims and other General Unsecured Claims at Altera Parent and Altera Finance Corp.

of $289.20 million will be recovered 12.50% in equity and General Unsecured Claims at debtors other than Altera Parent and Altera Finance Corp. of $5.60 million will be recovered in full in cash. Intercompany claims and intercompany interest shall be reinstated.

Existing Common Equity Interests in Altera Parent and Existing Preferred Equity Interest shall be cancelled. Section 510(b) shall receive no distribution. The plan will be funded through cash in hand, issuance of new common stock, new warrants, rights offering.