Westech Capital’s Chapter 11 trustee case filed with the U.S. Bankruptcy Court a Chapter 11 Plan and related Disclosure statement.
According to the Disclosure Statement, “Under the Plan, Westech will continue post-confirmation as the ‘Revested Debtor’ to be managed and controlled by the Trustee as Plan Trustee without change of ownership or equity (except as may be approved by the Plan Trustee after Confirmation of the Plan), for the purpose of liquidating all claims, assets, opportunities, and operations of the Debtor, as well as management of those assets for the ultimate distribution to Allowed Claims of Creditors and Interests Holders.”
In addition, “The Revested Debtor shall be funded from cash on hand, asset sales, expected litigation recoveries, and future business opportunities, all of which may be used in the Plan Trustee’s sole discretion to pay all management, operating, litigation, and professional expenses incurred by the Revested Debtor. The restrictions on stock transfers currently in effect will continue in order to preserve the Debtor’s net operating losses unless and until the Plan Trustee ends such limitation. Upon Confirmation, all voting or voting rights agreements are cancelled and terminated or rejected as will be reflected in amended bylaws of the Revested Debtor.”
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