Grapefruit USA Inc (GPFT): Still in default to Bankruptcy estate as...

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Friday, 08/12/2016 9:21:36 AM

Friday, August 12, 2016 9:21:36 AM

Still in default to Bankruptcy estate as of June 30

$2 million

https://www.sec.gov/Archives/edgar/data/1205181/000118518516005178/imaging3-10q063016.htm

See page 18

Pursuant to the Order, the Plan became effective on July 30, 2013 (“Effective Date”). The Plan requires that the Company pay certain obligations on the Effective Date of the Plan. Of the Company’s obligations under the Plan, the Company is delinquent with regard to the obligations described in the chart below:

Section IV, F of the Plan provides “A creditor or party in interest may bring a motion to convert or dismiss the case under § 1112(b), after the Plan is confirmed, if there is a default in performing the Plan. If the Court orders the case converted to Chapter 7 after the Plan is confirmed, then all property that had been property of the Chapter 11 estate, and that has not been disbursed pursuant to the Plan, will revest in the Chapter 7 estate, and the automatic stay will be reimposed upon the revested property only to the extent that relief from stay was not previously granted by the Court during this case.”

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