Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

ISC8 Plan Confirmed, Effective

The U.S. Bankruptcy Court confirmed ISC8's Amended Plan of Liquidation, dated August 3, 2015; and the Plan became effective immediately following the confirmation order. The Plan provides for the appointment of a liquidating trustee and for the transfer of all of the Company's remaining assets to a liquidating trust, which will administer and liquidate all of the Company's remaining assets. The Plan also provides for the cancellation and termination of all shares or other ownership interests in the Company, including cancellation of all shares of the Company's common stock and the dissolution and wind-up of the Company. It is expected that the liquidating trust will receive approximately $135,000 to distribute to the holders of allowed general unsecured claims, resulting in an estimated payment of $0.05 to $0.075 for every dollar owed on such claims. Following entry of the confirmation order, the Company's board and all remaining positions within the Company were dissolved, and Alfred Masse no longer serves as the Company's chief reorganizing officer. Masse was appointed to serve as the liquidating trustee and has been granted the authority by the Court to continue to act as the Company's C.R.O. to the extent necessary to carry out the Plan. This cyber-security services' provider filed for Chapter 11 protection on September 23, 2014, listing $5 million in pre-petition assets.

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