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

Point Blank Solutions Plan Confirmed

The U.S. Bankruptcy Court confirmed the Second Amended Joint Chapter 11 Plan of Liquidation of Point Blank Solutions and its official committee of unsecured creditors. As previously reported, in October 2011 the Company consummated the sale of substantially all of its assets to Point Blank Enterprises. Under the Plan, each holder of an allowed general unsecured claim shall receive an allocated Class 3 trust interest, which shall entitle the holder to its pro rata share of funds available to holders of Class 3 trust interests. Plan proponents estimate all allowed general unsecured claims total approximately $38 million. On the Plan's effective date, the old common stock interests will be cancelled with each holder receiving an allocated Class 6 trust interest, which shall entitle the holder to its pro rata share of funds available to holders of Class 6 trust interests. This personal protection apparel provider filed for Chapter 11 protection on April 14, 2010, listing $125 million in pre-petition assets.

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