Implant Sciences filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “The Plan provides for the substantive consolidation of the Debtors and for: (i) the un-impairment and/or payment, in full, of all Allowed priority, administrative, secured, general unsecured claims, and Preferred Interests; and (ii) the option for Holders of Allowed Class 6 Interests in Secure Point Technologies, (f/k/a Implant Sciences Corporation) that vote to accept the Plan to either: (x) receive a Class 6 Cash Distribution; or (y) retain their shares in Reorganized Secure Point Technologies for the purpose of pursuing a Potential Business Venture. For Holders of Class 6 Interests that vote to accept the Plan, such Holders are also provided an option either to ‘cash out’ or to reinvest in Reorganized Secure Point Technologies.”
In addition, “More specifically, the Plan provides to Holders of Class 6 Interests that timely submit properly completed Ballots and that vote to accept the Plan through their Ballot the option to either elect to (i) reinvest in Reorganized Secure Point Technologies and retain their shares for the purpose of, among other things, pursuing a Potential Business Venture that will be subject to shareholder approval in accordance with the applicable corporate governance documents and law after the Effective Date of the Plan; or (ii) a receive Cash distribution equal to their Pro Rata Share of the Class 6 Cash Distribution in exchange for their Class 6 Interests resulting in the permanent retirement of such Interests.”
The Court scheduled a June 14, 2017 hearing to consider the Disclosure Statement, with objections due by June 5, 2017.
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