NephroGenex filed with the U.S. Bankruptcy Court a Plan of Reorganization and related Disclosure Statement.
The Disclosure Statement explains, “The Debtor projected that, under the Liquidating Plan, 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 $4,312,698.51 (the ‘Medpace Claim’) for one hundred percent (100%) of the New Common Stock in the Reorganized Debtor.”
In addition, “The Medpace Claim is by far the largest Claim against the Debtor’s estate and comprises at least 65% of the pool of General Unsecured Claims. As a result of the contemplated restructuring under the Plan, Holders of Allowed General Unsecured Claims are projected to receive a 46.4% to 50.4% recovery on their Claims – which is a material improvement over the 26.8% to 37.1% projected recovery under the Debtor’s Liquidating Plan.”
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