COPSync filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Louisiana, case number 17-12625. The Company, which operates the nation’s only law enforcement real-time, information sharing network, is represented by John M. Duck of Adams and Reese. In April 2017, the Company announced “a proactive corporate restructuring plan to reduce overhead costs and streamline efficiency.”
Concurrent with the filing, the Company also filed a motion for the sale of property, free and clear of liens under 11 USC 363(f), and approving bid procedures in connection with the sale.
The motion notes, “The Debtors’ decision to sell the Purchased Assets to Purchaser is based on its sound business judgment. The Debtor seeks to liquidate the estate so that it may justly and equitably compensate creditors. The sale of the Purchased Assets will generate value for the estate, and their sale will help expedite payment to the holders of allowed claims. Further, the proposed Bid Procedures provide an opportunity for the Purchased Assets’ exposure to the market thereby providing the potential for an even larger recovery for the estate.”
Read more COPSync bankruptcy news.
The post COPSync Bankruptcy Filing appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.