Goodman Networks’ Amended Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on May 4, 2017.
BankruptcyData’s detailed Plan Summary notes, “The Plan provides for a comprehensive restructuring of the Company’s obligations, preserves the going-concern value of the Company’s business, maximizes recoveries available to all constituents, provides for an equitable distribution to the Company’s stakeholders, and protects the jobs of more than 3,400 employees….General Unsecured Claims Holders will receive either: payment in cash in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Allowed Claim; or payment in cash, including interest, if applicable, as required by contract or applicable law, in an amount equal to such Allowed Claim, upon the later of the Effective Date, the date on which such Claim becomes an Allowed Claim, or such other date as may be ordered by the Bankruptcy Court, for a 100% rate of recovery.
In addition, “The Valuation Analysis estimates the Enterprise Value of the Reorganized Company, as of an assumed effective date, will range from approximately $164 million to approximately $191 million, with a midpoint of approximately $177 million.” This telecommunications infrastructure services provider filed for Chapter 11 protection on March 13, 2017, listing $254 million in pre-petition assets.
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