Quanergy Systems, Inc.: going-concern / distress — Court confirms Chapter 11 plan; equity canceled, unsecured claims recover 8.5–10.3%

Quanergy Systems, Inc.

Bankruptcy Court confirmed First Amended Chapter 11 Plan on Nov 8, 2023.
All common stock and equity interests to be cancelled and extinguished on the effective date.
General unsecured claims (est. $12.6M–$13.8M) projected to recover 8.5%–10.3%.
GUC Settlement Claims ($10M) recover 0%; Subordinated and Interests receive nothing.
Effective Date will occur once all conditions precedent to the Plan are satisfied.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Quanergy Systems, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-12-13).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2022-12-13

Exact text from the filing

On December 13, 2022, Quanergy Systems, Inc. (the "Company") filed a voluntary petition (Case No. 22-11305) for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware

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Source: SEC EDGAR

accession 0001193125-23-277096

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