PARETEUM Corp: going-concern / distress — Pareteum bankruptcy plan confirmed; common stock cancelled with no recovery for shareholders

PARETEUM Corp

On Oct 7, 2022, Bankruptcy Court confirmed Modified Chapter 11 Plan of Liquidation; effective Oct 21.
Plan cancels all common stock; holders will receive no distribution on their equity interests.
Officers and directors resigned effective Oct 21 under the plan; liquidating trustee appointed.
Co. reported total assets of $5.2M and liabilities of $32.6M as of Oct 31, 2022.
Liquidating Trust funded with at least $1.25M to pursue retained causes of action and administer.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

PARETEUM Corp entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2022-05-15).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2022-05-15

Exact text from the filing

As previously disclosed, on May 15, 2022, Pareteum Corporation (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code, as amended (the “Bankruptcy Code”), in the United States Bankruptcy Court for the Southern District of New York in New York, New York (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases are being jointly administered under the caption In re Pareteum Corporation., et al ., Case No. 22-10615 (the “Chapter 11 Filing”).

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Source: SEC EDGAR

accession 0001193125-22-314752

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