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NephroGenex Disclosure Statement Approved

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The U.S. Bankruptcy Court issued an order approving NephroGenex’s Disclosure Statement and scheduled a May 10, 2017 hearing to consider the Plan of Reorganization.

As previously reported, “The Debtor projected that, under the Liquidating Plan, the Debtor’s unsecured creditors would receive distributions equal to 26.8% to 37.1% of the allowed amounts of their claims….Medpace has agreed to waive its Cash Distribution under the Plan and exchange its General Unsecured Claim against the Debtor in the amount of $4,312,698.51 (the ‘Medpace Claim’) for one hundred percent (100%) of the New Common Stock in the Reorganized Debtor.”

In addition, “The Medpace Claim is by far the largest Claim against the Debtor’s estate and comprises at least 65% of the pool of General Unsecured Claims. As a result of the contemplated restructuring under the Plan, Holders of Allowed General Unsecured Claims are projected to receive a 46.4% to 50.4% recovery on their Claims – which is a material improvement over the 26.8% to 37.1% projected recovery under the Debtor’s Liquidating Plan.”

Under the Court order, the Debtors shall file any Plan Supplements before April 21, 2017 and Plan objections must be filed by April 27, 2017.

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The post NephroGenex Disclosure Statement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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