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COPSync Bankruptcy Extension Approved

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The U.S. Bankruptcy Court approved COPSync’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 29, 2018 and June 26, 2018, respectively.

As previously reported, “The Debtor and Debtor’s counsel have made strides in the plan process and foresee being able to file the proposed plan and disclosure statement within the time requested herein. Some negotiations with creditor’s counsel, particular those that are claiming administrative expenses, require additional time to resolve prior to the filing of the proposed plan and disclosure statement. Additionally, the Debtor is still in the process of reconciling its post-sale payables, and the buyer of the Debtor’s assets has not yet fully funded the initial $600,000 sale proceeds.”

In addition, “More certainty is needed with respect to the remainder of that payment prior to finalizing the proposed plan and disclosure statement. Finally, although the Debtor has done its best to estimate potential governmental claims, the Debtor believes there is a benefit in waiting until the governmental units claim bar date passes on March 28, 2018, so that it can provide better information to all creditors regarding the scope and classification of the claims against it.”

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The post COPSync Bankruptcy Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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