|
The U.S. Bankruptcy Court for the District of Maryland has approved L-Soft international's reorganization plan, signaling the company's emergence from its voluntary Chapter 11 petition. The reorganization plan, supported by 85 percent of the firm's creditors, becomes effective June 17, 2009. On that date, L-Soft international will no longer need to seek court approval for decisions outside the ordinary course of business. L-Soft international has continued normal business operations since its petition, filed two years ago to help resolve protracted litigation. The reorganization plan includes a final settlement of this litigation.
L-Soft international's parent and sister companies in Sweden, Germany and the UK were dismissed from the litigation in 2003 and have not been subject to any bankruptcy proceedings.
With the exception of the rejection of an 8,600 square foot lease in Bethesda, MD, L-Soft international has not made any significant operational changes or laid off any employees since the 2007 Chapter 11 petition.
|
