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NephroGenex Bankruptcy Reorganization Plan Effective

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NephroGenex’s Plan of Reorganization became effective, and the Cmpany emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on May 10, 2017.

BankruptcyData’s Plan Summary notes, “The Plan contemplates that the Debtor’s unsecured creditors would receive distributions equal to 26.8% to 37.1% of the allowed amounts of their claims. Medpace has agreed to waive its Cash Distribution under the Plan and exchange its General Unsecured Claim against the Debtor in the amount of $4,312,698 for 100% of the New Common Stock in the Reorganized Debtor.”

In addition, “Under the Plan, General Unsecured Claims will receive its pro rata share of the Liquidating Trust Interests, for a 46.4% – 50.4% rate of recovery.”

This drug development company filed for Chapter 11 protection on April 30, 2016, listing $24 million in pre-petition assets.

Read more NephroGenex’s bankruptcy news.