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Violin Memory Plan Confirmed

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The U.S. Bankruptcy Court confirmed, with revisions, Violin Memory’s Second Amended Plan of Reorganization.

According to the documents filed with the Court, “The Distribution Trust shall be jointly administered by two Distribution Trustees with equal rights, duties and obligations pursuant to the Distribution Trust Agreement and the Plan….The initial Distribution Trustees will be one designee of the Official Committee and one designee of the Debtor. The Official Committee has identified Sheon Karol, Managing Director of The DAK Group, who is serving as the financial advisor to the Official Committee during this Bankruptcy Case, as its designee to serve as a Distribution Trustee. The Debtor has identified Cory J. Sindelar, the Chief Financial Officer of the Debtor as its designee to serve as a Distribution Trustee (and, in the event that Mr. Sindelar resigns or is no longer able to perform his duties in such capacity, the Debtor’s designee shall be Richard N. Nottenburg, Ph.D., the chairman of the board of directors of the Debtor). Each of these designees shall serve as a Distribution Trustee as of the Effective Date subject to the Plan and the Distribution Trust Agreement.” This developer and supplier of network infrastructure data storage systems, filed for Chapter 11 protection on December 14, 2016, listing $113 million in pre-petition assets.

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