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Enumeral Biomedical Bankruptcy DS Approved

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Enumeral Biomedical Holdings filed with the U.S. Bankruptcy Court a First Amended Disclosure Statement.

According to the Disclosure Statement, “The Plan provides that, subject to paying the expenses of the chapter 11 case as determined by the Bankruptcy Court, all funds of the Debtors will be paid to their creditors. These funds are almost entirely attributable to the Noteholder Payment. Instead of corporate managers and a board of directors, the Debtors will be under the control of a Plan Trustee – a fiduciary who acts for the benefit of creditors, under the supervision of the Bankruptcy Court. The Plan provides for substantive consolidation of the bankruptcy estates of the three Debtors. This means that the three Debtors will be treated like a single legal entity for the purpose of allowing claims and distributing funds to creditors.”

In addition, “The Debtors believe that the Plan provides general unsecured creditors with the best opportunity to realize the highest possible return on account of their Claims. Indeed, the projected distribution of between 15-45% under the Plan contrasts with a likely distribution of zero if the Plan does not take effect.” The Court subsequently approved the Disclosure Statement and scheduled a May 25, 2018 hearing to consider the Plan.

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The post Enumeral Biomedical Bankruptcy DS Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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