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PPMIQ > SEC Filings for PPMIQ > Form 8-K on 29-Jul-2013All Recent SEC Filings

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Form 8-K for PMI GROUP INC


29-Jul-2013

Bankruptcy or Receivership, Financial Statements and Exhibits


ITEM 1.03 Bankruptcy or Receivership.

(b) As previously disclosed, on November 23, 2011, The PMI Group, Inc. ("TPG" or the "Debtor") filed a voluntary petition for relief (the "Bankruptcy Filing") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), case No. 11-13730 (the "Chapter 11 Case") and, on April 30, 2013, filed with the Bankruptcy Court its proposed Plan of Reorganization (as amended on June 3, 2013, the "Plan") and related disclosure statement (as amended on June 4, 2013, the "Disclosure Statement"). On July 25, 2013, the Bankruptcy Court entered an order (the "Confirmation Order") confirming the Plan.

The Plan provides for the resolution of outstanding claims against the Debtor. Among other things, the Plan provides that (i) holders of allowed priority non-tax claims and holders of allowed secured claims will generally be paid in full, (ii) holders of allowed general unsecured claims, allowed senior notes claims and allowed subordinated note claims will receive their pro rata share of Creditor Cash (as defined in the Plan) and new common stock of the reorganized Debtor to be issued pursuant to the Plan (the "New Common Stock"), provided, however, that the receipt of Creditor Cash and New Common Stock by the holders of allowed subordinated note claims will be redistributed for the benefit of holders of allowed senior note claims due to subordination provisions applicable to the subordinated notes, (iii) holders of allowed Convenience Claims (as defined in the Plan) will receive 90% of the amount of such claims and
(iv) holders of equity interests in the Debtor will receive no distribution. The Plan also includes certain releases, injunctions and exculpation provisions.

At July 12, 2013, the Debtor had 197,078,767 shares of common stock issued and outstanding. Under the terms of the Plan, all such shares of the Debtor's common stock and any other equity interests in the Debtor will be cancelled on the effective date of the Plan and shares of New Common Stock will be issued to certain holders of allowed claims under the Plan.

Information as to the assets and liabilities of the Debtor as of June 30, 2013 is set forth in the unaudited monthly operating report for the month ended June 30, 2013, filed by the Debtor with the Bankruptcy Court and the Securities Exchange Commission on Form 8-K on July 26, 2013.

The foregoing does not purport to be a complete description of the terms of the Plan, the Disclosure Statement or the Confirmation Order, and is qualified in its entirety by reference to the copies of the Plan, the Disclosure Statement and the Confirmation Order which are filed herewith as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.



ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1    First Amended Plan of Reorganization of The PMI Group, Inc. Pursuant to
        Chapter 11 of the United States Bankruptcy Code, dated June 3, 2013.

99.2    Disclosure Statement Pursuant to Section 1125 of the Bankruptcy Code with
        Respect to the First Amended Plan of Reorganization of The PMI Group,
        Inc., dated June 4, 2013.

99.3    Order Confirming First Amended Plan of Reorganization of The PMI Group,
        Inc. Pursuant to Chapter 11 of the United States Bankruptcy Code, dated
        July 25, 2013.


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