Aerospace and Defense
Company Overview of Point Blank Solutions, Inc.
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
Founded in 1992
Key Executives for Point Blank Solutions, Inc.
Point Blank Solutions, Inc. does not have any Key Executives recorded.
Point Blank Solutions, Inc. Key Developments
Point Blank Solutions, Inc.’s Common Stock Deleted From Other OTC
Nov 24 15
Point Blank Solutions, Inc.’s common stock has been deleted from Other OTC, effective November 24, 2015. The deletion was due to bankruptcy plan effective/shares cancelled.
Second Amended Liquidation Plan Approved for Point Blank Solutions, Inc.
Nov 10 15
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.
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