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AmeriResource Technologies Plan Filed

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According to the U.S. Bankruptcy Court docket, AmeriResource Technologies filed a Chapter 11 Plan of Reorganization and related Disclosure Statement, which notes, “In an effort to remedy the problems that led to the bankruptcy filing, the Debtor’s Plan proposes to implement the following procedures: Ario has resumed the program originally started in 2014 in which it makes loans to smaller companies, where such loans are originated and serviced by PFC.”

The Disclosure Statement continues, “Pursuant to the approved DIP financing the Debtor will receive monthly advances from PFC to fund loans originated and serviced by PFC. In addition, PFC has agreed to reduce the interest rate on its secured pre-petition note receivable from 12% to 6%.” The Court scheduled an April 28, 2016 hearing to consider the Disclosure Statement.

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