ID Screener Spurned By Navy Gets Ch. 11 Plan Confirmed

Law360, New York (February 6, 2018, 6:36 PM EST) -- The bankrupt subsidiaries of identity screening company Fortior Solutions secured court approval Tuesday to move forward with a Chapter 11 plan that reduces most of their $58 million in funded debt and gives secured lenders a larger ownership stake in the operating parent organization.

The prepackaged restructuring plan for Advance Science Technologies Inc. and FS-IP LLC was confirmed just a little more than a month after the debtor entities filed for bankruptcy in the wake of losing a major U.S. Navy contract, which the debtors say led...
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