The reorganization includes a 90-day $13 million "debtor-in-possession financing" approach, with the hopes of obtaining added funds to repay senior secured notes and convertible notes.
It also wanted to raise $1.1-billion from an offering of secured notes and use the proceeds from all three sources to repay all its outstanding indebtedness.
Existing credit facility lenders and noteholders will share $750 million of senior secured notes, $100 million of subordinated unsecured debt, 82.5 per cent of new shares and $250 million of cash.