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US Dataworks Bankruptcy Plan Effective, Summarized

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US Dataworks announced that its Combined Disclosure Statement and Plan of Liquidation is now effective and that the Company has emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on November 29, 2017; however, an effective date notice has not been docketed. In accordance with the terms of the Plan, all outstanding shares of the Company’s common stock are cancelled and will receive no distributions under the Plan. BankruptcyData’s detailed Plan Summary notes, “The Plan proposes to pay creditors of the Debtor from the proceeds of the sale of substantially all of the Debtor’s assets. Debtor believes that the proposed financing and other relief sought will enable the Debtor and its stakeholders to implement an orderly Liquidation through its chapter 11 bankruptcy case….July 20, 2017, the Debtor sold its business assets to a subsidiary of Bankers Bancorp of Oklahoma, Inc. The price for the assets to be purchased is $1,790,000.” processing and payment technology solutions’ provider filed for Chapter 11 protection on May 1, 2017, listing $2.7 million in pre-petition assets.

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