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P10 Industries Bankruptcy Plan Effective

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P10 Industries’ First Amended Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on April 27, 2017.

BankruptcyData’s detailed Plan Summary notes, “The Prepackaged Plan effectuates the terms of two Restructuring Support Agreements that will allow the Reorganized Debtor to obtain an investment of $4.654 million, which will allow the Reorganized Debtor to monetize the Reorganized Debtor’s patents, make profitable acquisitions, run the Debtor’s business and fund necessary capital expenditures all to maximize shareholder return eliminate significant lease and other liabilities pay all Administrative, Secured, Priority and General Unsecured Claims in full; and allow equity to retain its interests.”

In addition, “The Restructuring Support Agreement with 210/P10 Acquisition Partners, LLC will invest $4.654 million in exchange for shares of the Reorganized Debtor’s common stock representing approximately 48% of the Reorganized Debtor’s equity.”

Mark A. Ascolese, P10 Industries’ C.E.O., comments, “Today we turn the page on a new era for P10 Industries. We have completed the implementation of the conditions of the plan approved last week and are now focused on executing our business plan.” This power supply products manufacturer filed for Chapter 11 protection on March 22, 2017, listing $1.9 million in pre-petition assets.

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The post P10 Industries Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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