Exhibit 99.3
Subject to FRE 408 / For Discussion Purposes Only / Confidential
Akin team,
Below please the Company’s issues list in response to the Ad Hoc Group’s December 8 restructuring term sheet. The below remains subject to ongoing review and revision in all respects. Let us know if you would like to discuss.
Consensual Scenario Issues List:
• | Take-back debt prepayable (in whole or in part) for 24 mos. at par; thereafter 101. |
• | Interest rate of New Notes at [TBD]%. |
• | Reinstate 20% warrant package or a suitable alternative, to be determined. |
• | MIP set at 10%. |
• | Ad Hoc Group to agree that employment agreements will be assumed. |
• | Company and advisors to review noteholder ability to trade claims to get cash recovery. |