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

Implant Sciences Plan Effective

Implant Sciences' First Amended Joint Plan of Reorganization [Revised] became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on August 3, 2017. BankruptcyData notes, "The Plan provides for the substantive consolidation of the Debtors and provides for the unimpairment and/or payment, in full, of all Allowed priority, administrative, secured, general unsecured claims, and Preferred Interests, and the option for Holders of Allowed Class 6 Interests in Secure Point Technologies, Inc. (f/k/a Implant Sciences Corporation) to either receive a Class 6 Distribution in cash or retain their shares in Reorganized Secure Point Technologies for the purpose of pursuing a Potential Business Venture." BankruptcyData's Plan Summary continues, "The Liquidation Analysis estimates the Total Proceeds Available for Distribution to be between $14.3 million and $14.4 million. The recovery rate for the Class 1: Priority Non-Tax Claims, Class 3: Other Secured Claims, Class 4: General Unsecured Claims and Class 5: Preferred Interests is estimated to be 100%." This security and safety systems' manufacturer filed for Chapter 11 protection on October 10, 2016, listing $10 million in pre-petition assets.

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