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Implant Sciences Bankruptcy Plan Filed, DS Approved

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Implant Sciences filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan provides for the substantive consolidation of the Debtors and provides for (i) the unimpairment and/or payment, in full, of all Allowed priority, administrative, secured, general unsecured claims, and Preferred Interests, and (ii) the option for Holders of Allowed Class 6 Interests in Secure Point Technologies (f/k/a Implant Sciences Corporation) to either (x) receive a Class 6 Distribution in cash or (y) retain their shares in Reorganized Secure Point Technologies for the purpose of pursuing a Potential Business Venture. Specifically, the Plan provides the option to Holders of Allowed Class 6 Interests that timely submit properly completed Ballots and that vote on the Plan through their Ballot to either vote to (i) reinvest in Reorganized Secure Point Technologies and retain their shares for the purpose of, among other things, pursuing a Potential Business Venture that will be subject to shareholder approval in accordance with the applicable corporate governance documents and law after the Effective Date of the Plan (this is the option for which the Debtors encourage shareholders to vote); or (ii) receive, through a Liquidating Trust vehicle, Cash equal to their Pro Rata Share of the Class 6 Distribution in exchange for their Class 6 Interests resulting in the permanent retirement of such Interests and dissolution of the Debtors’ business entities after the Effective Date of the Plan and the formation of the Liquidating Trust (this is the option for which the Equity Committee encourages shareholders to vote).”

The Court subsequently approved the Disclosure Statement and scheduled an August 3, 2017 hearing to consider the Plan.

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The post Implant Sciences Bankruptcy Plan Filed, DS Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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