BankruptcyData’s detailed analysis and summary of Crossroads Systems’ the Prepackaged Plan of Reorganization with Technical Modifications, dated September 11, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on September 18, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Prepackaged Plan effectuates the terms of an agreement with…

Ironclad Performance Wear’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Company’s asset purchase agreement, bidding procedures and stalking horse bid protections. The creditors committee alleges, “The Committee does not object to the sale process in principle- the Committee welcomes a fair and transparent marketing effort that facilitates…

Gulfmark Offshore filed with the U.S. Bankruptcy Court a motion for an order approving the approving first amendment to the Company’s senior secured super priority debtor-in-possession credit agreement. The motion notes, “The definition of ‘Milestones” set forth in Annex D to the Credit Agreement is hereby amended as follows: (a) the phrase ‘by 90 days…

The U.S. Trustee assigned to the Adeptus Health case, SCG Capital and PST Services filed with the U.S. Bankruptcy Court separate objections to the Company’s Third Amended Joint Plan of Reorganization. The Trustee asserts, “In addition to the issues raised in the United States Trustee’s Prior Objection, the United States Trustee objects to the Third…

In Form 10-K filed on September 20, 2017, Amedica Corporation’s auditor, BDO USA, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to BDO USA, the Company has recurring losses from operations and negative operating cash flows and needs to obtain additional financing to be compliant with debt covenants…