The Plan will not impair any creditor class.
WEST PALM BEACH, FL, June 27, 2019 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (PINK: ALLMQ).
Alliance BioEnergy Plus, Inc. has filed its Chapter 11 Plan of Reorganization and Disclosure Statement with the bankruptcy court. (They are subject to court approval after the requisite notice period.)
The Company is pleased to announce that the Plan will not impair any creditor class. The Plan forsees that the number of authorized shares remain the same, and all issued shares remain valid in the reorganized company upon Plan confirmation.
Funding in the amount of approximately $100,000 is needed to execute on the plan and exit chapter 11, which includes payment of legal fees. Management believes that these funds are available from the Company’s current liquidity and commitments it has received from existing shareholders.
The Company anticipates that, following court review, the Plan will be confirmed by the bankruptcy court and become effective soon thereafter. The Company would intend to then submit its final report to the Court and seek dismissal of the Chapter 11 proceedings.
As the Company's Disclosure Statement has not yet been approved by the bankruptcy court in the Company's chapter 11 case, the above statements are for informational purposes only and are not intended, and should not be construed, as a solicitation for the Company's Chapter 11 Plan prior to court approval of the Disclosure Statement.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Contact:
Ben Slager, CEO
ben.slager@alliancebioe.com
Anthony Santelli, COO
Anthony@alliancebioe.com
SOURCE: Alliance Bioenergy Plus, Inc.