August 25, 2016 9:10 AM ET

Aerospace and Defense

Company Overview of Point Blank Solutions, Inc.

Company Overview

On November 23, 2015, Point Blank Solutions, Inc. went out of business as per its Chapter 7 liquidation filing under bankruptcy. Point Blank Solutions, Inc., together with its subsidiaries, manufactures and provides bullet, fragmentation, and stab resistant apparel and related ballistic accessories for military, law enforcement, security, and corrections personnel, as well as government agencies in the United States. It offers bullet- and projectile-resistant garments, fragmentation protective vests, slash, and stab protective armor. The company also manufactures and distributes sports medicine; and health support and other products, including knee, ankle, elbow, wrist and back supports, and...

2102 SW 2nd Street

Pompano Beach, FL 33069

United States

Founded in 1992

1,300 Employees

Phone:

954-630-0900

Fax:

954-630-9225

Key Executives for Point Blank Solutions, Inc.

Point Blank Solutions, Inc. does not have any Key Executives recorded.

Point Blank Solutions, Inc. Key Developments

Second Amended Liquidation Plan Approved for Point Blank Solutions, Inc.

The US Bankruptcy Court approved the second amended plan of liquidation of Point Blank Solutions, Inc. on November 10, 2015. The debtor had filed its second amended plan in the Court on July 23, 2015. As per the approved plan, administrative claims including professional fee claims of $15.3 million, US Trustee fees, priority tax claims of $0.60 million and other priority claims of $0.10 million will be paid full in cash. Secured Claims will receive either payment in full in cash or return of collateral securing the claim or any other treatment as may be agreed by the holder. General unsecured claims of $38 million and Subordinated unsecured claims will receive pro-rata share of funds available to holders of claim trust interest pursuant to the recovery trust agreement. General unsecured claims shall receive a recovery in cash ranging from 2.9% to 100% of its allowed amount and subordinated unsecured claims shall receive a recovery in cash ranging from 0 to 100% of its allowed amount. Class action claim holders will receive their respective proportionate share of shared recovery matters, cash distribution out of escrowed funds in accordance with the EDNY stipulation and cash distribution equivalent to the value of 3.18 million shares of SS Body Armor I common stock. Old common stock interests will be deemed cancelled and will receive, in full satisfaction, settlement, release and discharge of old stock, an allocated class trust interest. Subordinated common stock interest and other old equity interests will be deemed cancelled and will not receive any distribution under the plan. Other subordinated claims will receive no recover under the plan. The plan will be funded through proceeds from the settlement agreement.

Second Amended Joint Liquidation Plan and Disclosure Statement Filed by Point Blank Solutions, Inc. and Official Committee of Unsecured Creditors

Point Blank Solutions, Inc. and official committee of unsecured creditors filed second amended joint plan of liquidation and related disclosure statement in the US Bankruptcy Court on July 23, 2015. As per the amended plan, general unsecured claims shall receive a recovery in cash ranging from 2.9% to 100% of its allowed amount and subordinated unsecured claims shall receive a recovery in cash ranging from 0 to 100% of its allowed amount. Treatment of all other claim classes remains same as per the previous plan. Debtor, along with Official Committee of Unsecured Creditors, filed modified second amended disclosure statement on August 11, 2015. As per the modified disclosure statement, no modifications were filed with respect to treatment of different claim classes. Debtor, along with Official Committee of Unsecured, filed modified second amended plan of liquidation and related disclosure statement on August 26, 2015. As per the modified plan, no modifications were filed with respect to the treatment of different claim classes.

First Amended Joint Liquidation Plan & Related Disclosure Statement Filed by Point Blank Solutions, Inc.

Point Blank Solutions, Inc. and Official Committee of Unsecured Creditors filed first amended joint plan of liquidation and related disclosure statement in the US Bankruptcy Court on June 18, 2015. As per the amended plan, administrative claims has been re-estimated at $15 million, priority tax of $0.60 million, other priority claims of $0.05 million, general unsecured claims of $38 million. Treatment of all other claim classes remains same as per the previous plan. Point Blank Solutions, Inc. and official committee of unsecured creditors filed a plan supplement related to the first amended joint plan of liquidation in the US Bankruptcy Court on July 10, 2015. As per the plan supplement, the debtor holds a cash balance of $0.10 million and general unsecured claims and subordinated unsecured claims shall receive a recovery in cash of 100% of its allowed amount.

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