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Implant Sciences Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of Implant Sciences’ First Amended Joint Plan, dated June 14, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on August 3, 2017; however, an effective date has not yet been issued.

BankruptcyData notes, “The Plan provides for the substantive consolidation of the Debtors and provides for the unimpairment and/or payment, in full, of all Allowed priority, administrative, secured, general unsecured claims, and Preferred Interests, and the option for Holders of Allowed Class 6 Interests in Secure Point Technologies, Inc. (f/k/a Implant Sciences Corporation) to either receive a Class 6 Distribution in cash or retain their shares in Reorganized Secure Point Technologies for the purpose of pursuing a Potential Business Venture.”

BankruptcyData’s Plan Summary continues, “The Liquidation Analysis estimates the Total Proceeds Available for Distribution to be between $14.3 million and $14.4 million. The recovery rate for the Class 1: Priority Non-Tax Claims, Class 3: Other Secured Claims, Class 4: General Unsecured Claims and Class 5: Preferred Interests is estimated to be 100%.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Implant Sciences’ October 10, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

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The post Implant Sciences Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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