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

Crossroads Systems Chapter 11 Petition, Plan Filed

Crossroads Systems filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Texas, case number 17-51926. The Company, which operates as an intellectual property licensing company, is represented by Eric Terry of Eric Terry Law. Concurrent with the Chapter 11 petition, the Company also filed a Prepackaged Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The Prepackaged Plan effectuates the terms of an agreement with 210/CRDS Investment LLC ('210'), …that will (i) provide the Debtor with an equity investment of $4 million and additional financing of $10 million which will allow the Debtor to monetize its patents, make profitable acquisitions, run the Debtor's business and fund necessary capital expenditures all to maximize shareholder return; (ii) retire all issued and outstanding preferred stock; (iii) pay all Administrative, Secured, Priority, General Unsecured, and Subordinated Claims in full; and (iv) allow common shareholders to retain their Interests."

Read more Bankruptcy News