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US Dataworks Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court confirmed US Dataworks’ Combined Disclosure Statement and Plan of Liquidation (Combined DSP).

According to documents filed with the Court, “This Combined DSP under Chapter 11 of the Bankruptcy Code proposes to pay creditors of US Dataworks, from the proceeds of the sale of substantially all of the Debtor’s assets as described herein. This Combined DSP provides for 1 class of unsecured claims; and 1 class of equity security holders. Unsecured creditors holding allowed claims will receive distributions, which the proponent of this Combined DSP has valued at approximately 12 cents on the dollar. This Combined DSP also provides for the payment of administrative claims. The Combines DSP also contains a class of secured creditors (Class 3) and a class of priority creditors (Class 2). Equity interests will be completely extinguished (Class 5).”

This prepackaged software services provider filed for Chapter 11 protection on May 1, 2017, listing $2.7 million in pre-petition assets.

Read more US Dataworks bankruptcy news.