Global Brokerage’s Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 22, 2018.
BankruptcyData’s detailed Plan Summary notes, “The overall purpose of the Plan is to enable the Debtor to restructure its obligations under $172,500,000 Principal Amount of 2.25% Convertible Senior Notes due 2018 by effecting an exchange of such notes for new notes with new terms, including an extended maturity date. All obligations of the Debtor other than those owed to the holders of Existing Notes are expected to be paid in full in cash in the ordinary course of Debtor’s business. The legal rights of holders of equity interests in the Debtor will be unimpaired under the Plan.”
In addition, “The Liquidation Analysis for the Debtors estimates the Total Net Liquidation Proceeds to be between $2.614 million and $2.855 million with the midpoint to be $2.735 million.” According to the Company, “The overall purpose of the Plan was successful, and the new secured notes have been distributed in accordance with the Plan.”
This online foreign exchange trading company filed for Chapter 11 petition on December 11, 2017, listing $1 billion million in pre-petition assets.
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