Jackson-Hewitt Tax Service Plan, Supplements Filed
Jackson-Hewitt Tax Service filed with the U.S. Bankruptcy Court an Amended Joint Prepackaged Chapter 11 Plan of Reorganization. According to the Disclosure Statement, "In accordance with Bankruptcy Rule 9019, the Plan constitutes a good faith compromise and settlement among the Debtors, the Lenders, the Administrative Agent and the Creditors' Committee, regarding the treatment of the General Unsecured Claims under the Plan, and reflects and implements such compromise and settlement, including by establishment of the Post Effective Date Trust and transfer of the Post Effective Date Initial Funding and the Transferred Avoidance Actions into the Post Effective Date Trust. Such compromise and settlement is made in exchange for consideration and is in the best interests of the Debtors, the Estates, the Lenders, the Administrative Agent and the Holders of General Unsecured Claims; is within the reasonable range of possible litigation outcomes, is fair, equitable and reasonable and is an essential element of the resolution of these Chapter 11 Cases. The compromise and settlement embodied in this Plan: (i) falls within the jurisdiction of the Court under 28 U.S.C. § 1334(a), (b) and (d); (ii) is an essential means of implementing the Plan pursuant to section 1123(a)(5) of the Bankruptcy Code; (iii) is an integral element of the transactions incorporated in the Plan; (iv) confers a material benefit on, and is in the best interests of, the Debtors, the Estates and holders of General Unsecured Claims; (v) is vital to the overall objectives of the Plan to finally resolve all Claims; and (vi) is consistent with sections 105, 1123 and 1129 of the Bankruptcy Code and other applicable provisions of the Bankruptcy Code." The Company also filed Plan Supplements for its Chapter 11 Plan of Reorganization.
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