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

Sebring Software Bankruptcy Plan Effective

0
0

Sebring Software’s First Amended Plan of Orderly Liquidation became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 18, 2016.

According to documents filed with the Court, “The Plan provides for the appointment of a Plan Administrator who will administer and liquidate all remaining property of the Debtors, including certain proceeds from the sale of the Debtors’ remaining assets and Causes of Action, not sold, transferred or otherwise waived or released on or before the Effective Date of the Plan. The Plan also provides for Distributions to certain Holders of Administrative Claims, Professional Fee Claims and Priority Claims and to other Claim Holders and Interest Holders.”

Court-filed documents continue, “As soon as practicable after the Effective Date, all voting or putative voting rights for all Equity Interests, and any other rights of ownership in the Debtors, shall be terminated and extinguished on the Effective Date and all such rights shall vest in the Plan Administrator, and the sole right of the holder of an Equity Interest will be to receive distributions from the Plan Administrator pursuant to the terms of the Plan. After the Effective Date, the Plan Administrator will not take any action to: (i) merge the Debtors into any other entity for the purpose of allowing the acquiring entity to become a public company; or (ii) sell any equity interests in the Debtors or the Debtors’ corporate shell. Additionally, after the Effective Date, the Plan Administrator will file the appropriate documentation with the SEC to terminate the registration of the Debtors’ common stock.”

This dental management services provider filed for Chapter 11 protection on August 23, 2016, listing $21 million in pre-petition assets. Read more bankruptcy news.

The post Sebring Software Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images