Protagenic Therapeutics Inc. (PTIX)

[10452km2]

Most likely if this is a pre packaged BK commons will get something, Here is a similar company where shareholders got 5%.


Houghton Mifflin emerges from Chapter 11
Houghton Mifflin Harcourt Publishing Company emerged from Chapter 11 on June 22, the company announced late Friday afternoon, “after meeting all closing conditions to the company’s plan or reorganization.”
As reported, the bankruptcy court in Manhattan overseeing the company’s bankruptcy confirmed the company’s prepackaged reorganization plan a day earlier, on June 21 (see “Houghton Mifflin nets plan confirmation,” LCD, June 21, 2012). The company filed for Chapter 11 on May 21, so the case lasted only 32 days.

In a prepackaged bankruptcy, a company conducts the vote solicitation for its reorganization plan prior to filing its Chapter 11 case, allowing it to get through the court process – which is essentially used to confirm that the pre-filing voting process met all legal requirements set forth in the Bankruptcy Code – quickly, typically in 30-60 days.

As reported, under the terms of the company’s plan, Houghton will convert its existing bank and bond debt into 100% of the undiluted equity in the reorganized company. Trade and other unsecured creditors, meanwhile, will be paid in full in the ordinary course, and existing equityholders are to receive warrants exercisable for up to 5% of the new equity.
The company has said the restructuring would eliminate $3.1 billion of debt and reduce current annual cash interest costs by roughly $250 million