Under the terms of the settlement, which still has to be approved by creditors and a bankruptcy court, creditors in Dynegy Holdings will get 99 percent of the stock in the reorganized company once it emerges from bankruptcy.
Any deal must also be approved by creditors and the bankruptcy court judge.
If the plan is approved, all creditors will be paid back within 42 months, church officials said in the statement.
The debtor gets the exclusive right to propose a plan in the early days of the case, but the plan has to be approved by creditors.
Under the CVA scheme, which must be approved by creditors later this month, BHS told landlords it would have to shut 40 stores if rents cannot be reduced by 75%.
But the spokeswoman, Laura Cheung, stressed the tentative nature of Hutchison's proposal -- noting that no money would change hands until it was approved by creditors, shareholders and a bankruptcy court.
If the proposal fails to be approved by creditors, "it is likely to set progress back by at least nine months before any alternative mechanisms can be put in place," PricewaterhouseCoopers said in the statement.
The deal must be approved by creditors.
Cooper says his firm's billing is honest and accurate and is routinely approved by creditors.
