Advertisement

NephroGenex Bankruptcy Reorganization Plan Summarized

Advertisement

BankruptcyData’s detailed analysis and summary of NephroGenex’s Plan of Reorganization, dated May 5, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on May 10, 2017; however, an effective date has not yet been issued.

BankruptcyData 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. 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.”

BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to NephroGenex’s April 30, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more bankruptcy news.