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Crossroads Systems Bankruptcy Plan Effective, Summarized

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Crossroads Systems’ Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on September 18, 2017.

BankruptcyData’s detailed Plan Summary notes, “The Prepackaged Plan effectuates the terms of an agreement with 210/CRDS Investment LLC (‘210’), that will provide the Debtor with an equity investment of $4 million in exchange for shares of the Reorganized Company’s common stock representing approximately 49.49% of the common stock and additional financing of $10 million which will allow the Debtor to monetize its patents, make profitable acquisitions, run the Debtor’s business and fund necessary capital expenditures all to maximize shareholder return.”

BankruptcyData’s Plan Summary continues, “Common Interests will for all purposes be cancelled, and the 6603 Holders of Common Interests will be issued an equal number of shares of New Common Stock.” This intellectual property licensor filed for Chapter 11 protection on August 13, 2017, listing $5.6 million in pre-petition assets.

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The post Crossroads Systems Bankruptcy Plan Effective, Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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