Contrarian Offer

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The Trustee has learned that holders of PHT units have received an offer from Contrarian Capital Management to purchase the holders’ PHT units. Transfers of PHT units are subject to the transfer restrictions set forth in the Position Holder Trust Agreement. Also, transfers of PHT units will only become effective as of the next June 30 or December 31 to occur after proper transfer documentation is received. The Trustee encourages PHT unit holders to read the Trust Agreement for transfers procedures and restrictions. You can find a copy of the Trust Agreement on the Plan Documents page. In addition, the Trustee has previously posted FAQs relating to the sale of positions.