Advertisement

Implant Sciences Bankruptcy Plan Summarized

Advertisement

BankruptcyData’s detailed analysis and summary of Implant Sciences’ First Amended Joint Plan, dated June 14, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on August 3, 2017; however, an effective date has not yet been issued.

BankruptcyData notes, “The Plan provides for the substantive consolidation of the Debtors and provides for the unimpairment and/or payment, in full, of all Allowed priority, administrative, secured, general unsecured claims, and Preferred Interests, and the option for Holders of Allowed Class 6 Interests in Secure Point Technologies, Inc. (f/k/a Implant Sciences Corporation) to either receive a Class 6 Distribution in cash or retain their shares in Reorganized Secure Point Technologies for the purpose of pursuing a Potential Business Venture.”

BankruptcyData’s Plan Summary continues, “The Liquidation Analysis estimates the Total Proceeds Available for Distribution to be between $14.3 million and $14.4 million. The recovery rate for the Class 1: Priority Non-Tax Claims, Class 3: Other Secured Claims, Class 4: General Unsecured Claims and Class 5: Preferred Interests is estimated to be 100%.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Implant Sciences’ October 10, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more bankruptcy news.