361(a), a corporation exchanging property, pursuant to a reorganization plan
, solely for stock or securities recognizes neither gain nor loss.
The motion states that a reorganization plan
for Columbia Transmission is being finalized and is expected to be filed before the end of the requested 120-day extension period.
Under the Settlement Agreement, the proposed reorganization plan
filed by the Official Equity Committee will be withdrawn, and the parties have agreed to continue with the consummation of the purchase of PRC-MO by Pinnacle and to support the amended reorganization plan
filed by PRC-MO.
Since the reorganization plan
was arranged to produce two viable corporations, the expenses incurred in carrying out the division (including legal expenses) were nondeductible capital expenditures; they added to the value of the capital structure of both the original corporation and the successor corporation.
OTCBB:NMKT) today released a letter to shareholders providing further detail regarding the previously announced reorganization plan
with Intercell International Corporation (OTCBB:IICPQ).
Company officials said the extension will provide time to analyze the more than 14,000 claims filed by creditors and to continue negotiations with creditors aimed at resolving fundamental issues and formulating consensual reorganization plans
He has assisted clients in bankruptcy planning, business plan preparation and review, cash flow projections, liquidation analyses, business valuations, and in the development and negotiation of reorganization plans
We have sufficient funding to last until the end of the year, and the assurance of at least one reorganization plan
that will keep the Company as an ongoing entity," said Robert L.
An amended reorganization plan
will be developed to distribute any remaining sale proceeds to remaining creditors.
According to Chairman and CEO David Nichols, the filing was a necessary first step in the company's reorganization plans
While shares of Old ICO may remain outstanding until the liquidation is complete, the existing common shares of Old ICO no longer have any value other than the value of the shares and warrants being received under the reorganization plans
It added that for the reorganization plans
to become effective, they must be approved by the court, after a vote by the creditors and other constituencies which may be deemed necessary by the court.