ESW-Backed Trading Software Firm's Ch. 11 OK'd In Del.

Law360 (June 9, 2021, 4:22 PM EDT) -- Bankrupt asset management and trading software business Adara Enterprises Corp. secured confirmation of its Chapter 11 plan in Delaware on Wednesday, under which it will restructure $13 million in debt and give top creditor ESW Holdings control of the company.

U.S. Bankruptcy Judge J. Kate Stickles approved the company's disclosure statement and plan after no objections surfaced during a final hearing. The terms of the plan — which went into effect upon approval — call for all creditors to be paid in full, with a "meaningful" distribution to its sole previous equity holder GlassBridge Enterprises Inc.

The plan will also cancel...

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