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

Ironclad Performance Wear Plan Confirmed, Summarized

The U.S. Bankruptcy Court confirmed the Joint Plan of Liquidation [Revised] filed by Ironclad Performance Wear and its official committee of equity security holders. The Plan provides for the cancellation of all outstanding shares of the Company's common stock, an initial estimated distribution to record holders as of a to-be-determined record date of approximately 11.28 cents per share within 90 days following confirmation of the Plan and a path to a final distribution to the same record holders within 12 to 24 months following the initial distribution. According to documents filed with the Court, "The Plan Proponents believe that the confirmation of this Plan provides the best vehicle for maximizing the distribution to the Shareholders…getting a significant distribution made to the Shareholders on the earliest date possible under the circumstances; and getting the Debtors' remaining creditors (holding not yet allowed claims) paid in full with post-petition interest in the fastest and most efficient manner possible....After appropriate reserves have been made for all allowed administrative expenses to be paid in full, along with any remaining disputed claims and expected post-confirmation litigation and other expenses…the balance of the funds in the Estates will be distributed to the record shareholders of ICPW Nevada." This work wear manufacturer filed for Chapter 11 protection on September 8, 2017, listing $19 million in pre-petition assets. Visit BankruptcyData for the Plan Summary.

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