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AmeriResource Technologies Plan Confirmed

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The U.S. Bankruptcy Court approved AmeriResource Technologies’ First Amended Plan of Reorganization.

According to documents filed with the Court, “Under the Plan, [Payroll Funding Company (PFC)] will be the Plan Sponsor and will contribute $25,000 in new capital and will reduce the principal balance by $30,243.48 and the interest rate on its secured note from 12% to 6%. In return, all old Equity Class 4 Interest Holders shares shall be extinguished and PFC shall receive 100% of shares of stock of the Debtor. The assets of the Debtor consist of pre and post-petition account receivables and cash, which are subject to the secured lien of PFC. the Debtor also has net operating losses (NOL) on its book that it will be able to set-off against future profits. The Debtor has valued the NOL’s at zero based upon the fact that the NOL’s are not transferrable.”

This kiosk system marketer filed for Chapter 11 protection on July 21, 2015, listing $350,000 in pre-petition assets. Read more bankruptcy news.

The post AmeriResource Technologies Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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