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Allen Systems Group Plan Effective

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According to the U.S. Bankruptcy Court docket, Allen Systems Group’s First Amended Joint Prepackaged Chapter 11 Plan of Reorganization (with technical modifications) became effective, and the Company emerged from Chapter 11 protection.

The Court confirmed the Plan on March 27, 2015. As previously reported, “The Plan provides for the following: “(a) the issuance of the New Common Stock; (b) the consummation of the Rights Offering; (c) entry in to the Exit Facilities; and the (d) payment of Cash [and] (a) holders of Secured Tax Claims will be paid in full in cash; (b) holders of Other Secured Claims will be reinstated or receive collateral; (c) holders of Other Priority Claims.”

This software solutions’ provider filed for Chapter 11 protection on February 18, 2015, listing more than $100 million in pre-petition assets. Read more bankrupt company news.