Perseon’s Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 28, 2016.
BankruptcyData’s detailed Plan Summary notes, “The Debtor believes that the Plan provides the best and most prompt possible recovery to Holders of Claims and Interests. On and after the Effective Date, the Disbursing Agent will implement and oversee the wind down and dissolution of the Debtor. Under the Plan: Priority Claims and General Unsecured Claims will be paid in full in cash in an amount equal to such Allowed Claim plus interest accrued on the amount of the Allowed Claim at the Interest Rate from the Petition Date through the Effective Date, for a 100% rate of recovery.”
In addition, “Common Stock Interests will receive its pro rata share of the Disbursing Agent Assets for an estimated rate of recovery of $0.01 – $0.03 per share of Common Stock. Private Warrant Interests will receive its pro rata share of the Disbursing Agent Assets for an estimated rate of recovery of $0.01 – $0.03 per Private Warrant. All Public Warrant Interests will be cancelled without any distribution on account of such interests.” This life sciences company filed for Chapter 11 protection on May 23, 2016, listing $8.9 million in pre-petition assets.
Read more Perseon bankruptcy news.
The post Perseon Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.