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

Q4 Bankruptcy Extension Sought

0
0

Quadrant 4 System (Q4) and Stratitude filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 25, 2018 and June 24, 2018, respectively.

The motion explains, “This is Q4’s second request and Stratitudes’s first request for extension of the Exclusivity Periods. Notwithstanding the requested maintenance of exclusivity, the Debtors anticipate that any plan or plans it will file in the Chapter 11 Cases will be proposed jointly with the Committee….Since their respective Petition Dates, the Debtors’ attention has been singularly focused on selling substantially all their assets – efforts that have paid off for their creditors by generating a large pool of money for their estates and for the benefit of both secured (e.g., paying down a large portion of the secured debt) and unsecured creditors (e.g., assumption and assignment of leases and executory contracts, and assumption of certain employee claims).”

In addition, “The respective directors, officers and management of the Debtors overlap significantly. Stratitude’s assets served as collateral for Q4’s secured lenders….[T]he Chapter 11 Cases were filed in less than ideal circumstances as a result of the Criminal Action, the SEC Action, and the action of the Criminal Defendants. These actions have required additional time and effort on the Debtors’ part to complete their Schedules and Statement of Financial Affairs, and have generally complicated the fact-gathering process for many of the motions filed and presented to date.” The Court scheduled a January 23, 2018 hearing on the extension motion.

Read more Q4 bankruptcy news.

The post Q4 Bankruptcy Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images