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Pacific WebWorks Bankruptcy Liquidation Plan Effective

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Pacific WebWorks’ Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection.

The U.S. Bankruptcy Court confirmed the Plan on November 28, 2016. BankruptcyData’s Plan Summary notes, “General Unsecured Claims will receive 80% of the amount of their Allowed General Unsecured Claims, in cash, on the Initial Distribution Date; and subsequent distribution(s) of a pro rata share of the Unsecured Distribution Amount, for a 80% – 100% rate of recovery.”

In addition, “The Liquidation Analysis estimates the Total Distributions of Proceeds to be $331,408. The recovery rate to the Priority Unsecured Claims is estimated to be 100% and the Nonpriority Unsecured Claims is estimated to be 96%.” This software development company filed for Chapter 11 protection on February 23, 2016, listing $4 million in pre-petition assets.

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