Chapter 11: "Going Concern" Valuation

($ in millions) Low Midpoint High

"Run-Rate" EBITDA $60 $70 $80

(x) Comps-Derived EV Multiple 5.0x 5.5x 6.0x
Enterprise Value $300 $385 $480
Plus: Cash & Cash Equivalents 50 75 100
Total Distributable Value $350 $460 $580

"Super Priority" Claims Amount % of Claim % of Claim

Less: Total Recovery $120 (120) 100% (120) 100% (120)
Remaining Distributable Value $230 $340 $460

Secured Claims Amount

Less: Total Recovery $240 (230) 96% (240) 100% (240)
Remaining Distributable Value -- $100 $220

Unsecured Claims Amount

Less: Total Recovery $180 -- -- (100) 56% (180)
Remaining Distributable Value -- -- $40

Residual Equity Value -- -- $40

High

% of Claim
100%

100%

100%