Modular Space Holdings filed with the U.S. Bankruptcy Court a Joint Prepackaged Plan of Reorganization.
According to documents filed by the Court, “The Management Agreement Claims shall be Allowed on the Effective Date for all purposes in an aggregate amount of $1,100,000, and shall be subordinated in all respects to the Allowed General Unsecured Claims and the Allowed Note Claims.”
In addition, “Note Claims shall be Allowed on the Effective Date for all purposes in an amount of no less than $410,379,408.35 (which amount includes accrued and unpaid interest as of the Petition Date), plus accrued but unpaid interest from the Petition Date through the Effective Date to the extent legally permissible under the Bankruptcy Code, and shall not be subject to any avoidance, reductions, setoff, offset, recoupment, re-characterization, subordination (whether equitable, contractual or otherwise), counterclaims, cross-claims, defenses, disallowance, impairment, objection or any other challenges under any applicable law or regulation by any Person or Entity.”
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