Replies to post #4247 on DigitalTown, Inc. (DGTW)

[trader59]

And here’s another article that suggests that public companies need not apply:

https://www.cooley.com/news/insight/2020/2020-06-15-us-small-businesses-distress-options-covid-19

Not going to copy and paste the entire article, just this part about eligibility:

The SBRA: Who qualifies?
Prior to the SBRA, "small business debtor" meant a debtor who:
Is engaged in commercial business activities
With aggregate noncontingent, liquidated debt of not more than $2,725,625, excluding debts owed to affiliates or insiders
Excluded from the definition were owners and operators of real property and any member of a group of affiliated debtors with aggregate debt greater than $2,725,625
The SBRA modified the definition of "small business debtor," and to qualify under the SBRA:
50% or more of the debtors' prepetition debts must arise from the commercial or business activities of the debtor
Single asset real estate debtors, public companies and their affiliates are excluded
For small business debtors that elect Subchapter V, the CARES Act raised the debt limit from $2,725,625 to $7,500,000 until March 27, 2021
In addition to corporations (including LLCs) and partnerships, sole proprietorships may also file under Subchapter V

[Zardiw]

Sort of like a Quickie Divorce huh?......lol

z

[02opida]

nice

[Sammy_1]

Thanks stervc, looking forward to future coming events.

[TheFinalCD]

DigitalTown's approach to leveraging the benefits of Chapter 11 allows the Company to emerge with a healthy balance sheet and reorganize its debt and fairly treating creditors, while ensuring existing shareholders retain their equity stakes. Management decided on this preferred alternative to a Chapter 7 Bankruptcy in which the positions of DigitalTown’s creditors and shareholders positions would be entirely lost. This remains a possible outcome should the Company’s plan be obstructed in some way.

Its a long shot but they are trying right boss

[BONGO68]

Thoughts?