Explanatory Note
This Amendment No. 2 (the "Amendment") amends the statement on Schedule 13D originally filed by the Reporting Persons on January 3, 2017, as amended by Amendment No. 1 filed by the Reporting Persons on January 25, 2017 (as amended, the "Schedule 13D"). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.
Item 4. Purpose of Transaction.
Item 4 is hereby supplemented as follows:
Item 4(A) of the Schedule 13D is hereby supplemented by adding the following:
By a notice dated March 14, 2017, the Reporting Persons notified the Issuer of their designation of Anthony DiNello, an employee of Silver Point, as a director of the Issuer. The designation of Mr. DiNello by the Reporting Persons was made pursuant to Section 5.5 of the Plan. Mr. DiNello will fill an existing vacancy on the Issuer's board. Subsequently, on March 14, 2017, the Issuer's board of directors unanimously ratified and confirmed Mr. DiNello as a director.
The Reporting Persons do not have any current plan or proposal that relates to or would result in any transaction, event or action enumerated in paragraphs (a) through (j) of Item 4 of Schedule 13D, except as otherwise described herein.
Each of the Reporting Persons reserves the right, in light of its ongoing evaluation of the Issuer's financial condition, business, operations and prospects, the market price of the Common Stock, commodity prices, conditions in the securities markets generally, general economic and industry conditions, its business objectives and other relevant factors, to change its plans and intentions at any time, as it deems appropriate.
Item 5. Interests in Securities of the Issuer.
Item 5 is hereby amended as follows:
(a) The responses of the Reporting Persons to rows (7) through (13) of the cover pages of this Schedule 13D are incorporated herein by reference. The Reporting Persons beneficially own the Common Stock reported herein. There were 25,825,802 shares of Common Stock outstanding as of December 23, 2016, as reported in the Press Release dated December 22, 2016 filed as Exhibit 99.2 to the Issuer's Form 8-K filed on December 27, 2016. The shares of Common Stock reported herein represents approximately 18.9% of the outstanding Common Stock.
(b) The responses of the Reporting Persons to rows (7) through (13) of the cover pages of this Schedule 13D are incorporated herein by reference. Silver Point has sole voting and dispositive power with respect to the Common Stock reported herein. Messrs. Mulé and O'Shea may be deemed to have shared voting and dispositive power with respect thereto by reason of their status as sole members and sole managing members of Management.
(c) Within the past sixty days, the Reporting Persons have engaged in the following transactions in the Common Stock:
