BioNitrogen Holdings Corp. (BIONQ)

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BioNitrogen Holdings Settlement Approved

The U.S. Bankruptcy Court approved BioNitrogen Holdings’ settlement agreement with the City of Perry.

As previously reported, “The settlement resolves all matters and disputes between the parties, including the Community and Southern Bank (C&S) Claim and Perry Claim. In addition to the resolution of the C&S Claim and Perry Claim, the parties desire to establish a prospective business relationship, wherein BioNitrogen Holdings will proceed with the development and building of a biomass facility in Taylor County, FL….[I]n consideration for the assistance that Perry, FL will provide in this endeavor…[T]he C&S Claim shall be allowed as a general unsecured claim in the amount of $3,068,090.72….Upon the effective date of a confirmed Chapter 11 Plan….Perry shall receive a sum equal to 20% of the C&S Allowed Claim.”

http://bankruptcompanynews.com/bionitrogen-bankruptcy-news-6-8-16/