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Novation Companies Bankruptcy Plan Filed

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Novation Companies filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan of Reorganization.

Documents filed with the Court explain, “On the Effective Date or as soon as reasonably practicable thereafter, the Reorganized Plan Debtors shall be authorized to consummate and close the transactions contemplated by that certain Stock Purchase Agreement by and between Novation Companies, Novation Holdings, and Butler America, as seller (the ‘HCS Transaction’) for the purchase of 100% of the Seller’s outstanding voting securities of Healthcare Staffing, a Georgia corporation (‘HCS’) for a purchase price of $24 million in cash. The purchase price shall be paid from Novation’s cash on hand.”

In addition, “On and after the Effective Date, the Reorganized Plan Debtors shall have full authority and are authorized to take such actions and execute such documents as may be necessary to effectuate the transactions provided for in the Plan….On and after the Effective Date, the members of the Board of Directors of the Reorganized Plan Debtors are authorized to, and may direct an officer to, issue, execute, deliver, file, or record such contracts, securities, instruments, releases, and other agreements or documents and take such action as may be necessary or appropriate to effectuate, implement, and further evidence the terms and conditions of the Plan and the securities issued pursuant to the Plan in the name of, and on behalf of the Reorganized Plan Debtors, without the need for any approvals, authorizations, or consents except for those required pursuant to the Plan.”

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