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Violin Memory Bankruptcy Plan Filed

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Violin Memory filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan designates seven (7) classes of Claims or Interests, which take into account the differing nature, priority or treatment of various Claims or Interests under the Bankruptcy Code….The Plan generally provides for the payment or satisfaction in full of all administrative expenses, secured claims and priority tax claims; for the distribution to holders of general unsecured claims of certain consideration, to be allocated pro rata among all such claims to the extent allowed, that will provide a percentage recovery on such claims; and for no payments or other recoveries on account of any subordinated claims, intercompany claims, or existing equity interests.”

In addition, “The following is an overview of certain material terms of the Plan: The Debtor will be reorganized pursuant to the Plan and will continue to operate following the Effective Date as the Reorganized Debtor….All Allowed General Unsecured Claims (except to the extent held by the Plan Sponsor Affiliate) shall receive, in full, final and complete satisfaction, settlement, release, and discharge of such Allowed General Unsecured Claim, a Pro Rata Share of the Distribution Trust Interests. All General Unsecured Claims held by the Plan Sponsor Affiliate shall be Allowed and shall receive, in full, final and complete satisfaction, settlement, release, and discharge of such Allowed Claim, 100% of the equity in the Reorganized Debtor, with no other Distribution or recovery on such Claims. No Distributions will be made on account of any Subordinated Claims, Intercompany Claims, or Equity Interests. On the Effective Date, all Equity Interests shall be deemed cancelled and extinguished without further action by the Debtor or the Reorganized Debtor.”

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