SPNG can not restart, they are being liquidated
As soon as the BK is final the SEC will 100% revoke the stock
Chapter 7
Chapter 7 is a liquidation. With the exception of certain insurance companies, banks, trust companies, and railroads, anyone can file a Chapter 7. When the debtor files a bankruptcy, all property becomes property of the bankruptcy estate. A trustee is appointed to take control of and sell the assets. An individual debtor may exempt some property from liquidation. Those exemptions are set by state law. There are federal exemptions set forth in 11 U.S.C. §522; however, a state may opt out of the federal exemptions. The trustee is also responsible for objecting to exemptions, examining the debtor, and, in some cases, objecting to the debtor’s discharge. In a Chapter 7 the trustee sells all of the non-exempt assets; the debtor gets a discharge. Corporations do not receive discharges in bankruptcy. There are basically two Code sections that affect dischargeability of claims in Chapter 7: section 727 and section 523.
