PLx Pharma Winddown Corp.: going-concern / distress — PLx Pharma Winddown Corp. Chapter 11 liquidation plan confirmed; stock to be cancelled with no recovery for shareholders

PLx Pharma Winddown Corp.

Bankruptcy court confirmed Chapter 11 plan of liquidation on September 14, 2023; effective date pending conditions.
All common and preferred stock will be cancelled on effective date; shareholders receive no distribution.
As of Sep 20, 2023, company had ~$7.8M assets vs ~$12.6M liabilities; unsecured creditors (Class 3) to receive distributions.
Plan administrator Daniel R. Williams of J.S. Held LLC appointed to wind down estates and make distributions.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

PLx Pharma Winddown Corp. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-04-13).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-04-13

Exact text from the filing

filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001193805-23-001304

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