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Allen Systems Group Plan Modifications Filed

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According to the U.S. Bankruptcy Court docket, Allen Systems Group filed technical modifications to its First Amended Joint Prepackaged Chapter 11 Plan, dated March 16, 2015. The modifications do not alter in any respect the treatment accorded to claims or equity interests; instead, they correct certain technical errors and/or omissions in the Plan and make certain clarifications.

According to documents filed with the Court, “The Plan Modifications seek to clarify certain points in the Plan in the following manner: Clarify the definition of ‘Allowed’ for Claims or Interests; Clarify the description of treatment of Class 6 Claims; Clarify certain language regarding objections to Claims or Interests that includes the Bankruptcy Court or a court of competent jurisdiction; Clarify the introductory section of Article XI to clarify the Bankruptcy Court’s jurisdiction regarding treatment of Claims or Interests; Add clarifying language that payment of Professional Claims are also subject to the requirements of the Final DIP Order; Removing certain language regarding Proofs of Claim based upon Executory Contracts or Unexpired Leases that have been assumed in the Chapter 11 Cases and the treatment of same; Revising language to address reversion of Unclaimed Distributions under the Plan; Removing certain language prohibiting set off by holders of Claims without first filing a motion with the Bankruptcy Court; Removing section 7.1 of the Plan regarding the disputed claims process.”

The Debtors proposed a March 26, 2015 hearing to consider the technical modifications of the plan, with objections due by March 25, 2015. The Court subsequently approved the shortening, with revisions, ordering that objections and responses will be heard by the Court on the same date the modifications are considered. Read more bankrupt company news.