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

Pacific WebWorks Plan Filed

0
0

Pacific WebWorks filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation under Chapter 11 of the Bankruptcy Code. A related Disclosure Statement was not filed.

Under the Plan, holders of class 1-priority claims will receive 100% of the principal amount of their claims, holders of class 2-general unsecured claims will receive in full satisfaction of their claims (i) 80% of the amount of their allowed general unsecured claims, in cash, on the initial distribution date; and (ii) subsequent distribution(s) of a pro rata share of the unsecured distribution amount, holders of class 3-equity interests are impaired under the Plan. In the event that the liquidating trustee can pay in full 100% of allowed general unsecured claims, then the liquidating trustee shall make a final, pro rata distribution of remaining funds on hand to holders of equity interests.

See more bankruptcy news.

The post Pacific WebWorks Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images