Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Ignite Restaurant Bankruptcy Plan Summarized

0
0

BankruptcyData’s detailed analysis and summary of Ignite Restaurant Group’s Joint Chapter 11 Plan [Further Revised], dated September 18, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on December 1, 2017; however, an effective date has not yet been issued.

BankruptcyData notes, “The Plan constitutes a plan of liquidation and sets forth the means for satisfying Claims against and Interests in the Debtors. Pursuant to the Settlement, the Lenders will be receiving all of the net proceeds of the sale, except for $900,000 to be distributed to general unsecured creditors.” BankruptcyData’s Plan Summary continues, “The Liquidation Analysis for the Debtors estimates the Estimated Net Proceeds available from Assets to be $46.14 million. The recovery rate to the Class 2 – Secured Lender Claims is estimated to be 100%.  The recovery rate to Class 4 – General Unsecured Claims is estimated to be 1%, and the recovery rate to Class 3 – Other Priority Claims is estimated to be zero.”

Premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to Ignite Restaurant Group’s June 6, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more Ignite Restaurant bankruptcy news.

The post Ignite Restaurant Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images