“A court-appointed Chapter 11 meeting for the three companies currently in chapter 11 has been held and concluded. The meeting went well for all 3 issuers. None of the creditors were present nor voiced anu objections. This is a BIG bonus for all 3 companies.
All 3 issuers were laced with toxic financing. Several creditors prior to the meeting settled for a fraction of the amount due in equity swap transaction. At current trading and activity, the interim management does not foresee a need for a reverse split in the near future.
All three companies are expected to emerge from Chapter 11 sometime in the second quarter of 2021. The interim management is looking to return the companies to SEC reporting status and is searching for a suitable merger for each company.”
As I said, no really bad news here, but nothing consequential.
Steady as she goes, ensign
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