Point Blank Solutions Bankruptcy Proceedings

Reuters reports that unsecured creditors of Point Blank Solutions Inc. have asked the Delaware bankruptcy court to appoint an examiner or Chapter 11 trustee to displace the company’s board. 

According to the Reuters news release,  “the official committee of unsecured creditors claimed that the company had placed the interests of insiders above maximizing value of the business.  The filing claims that “restructuring alternatives had benefited Steel Partners, which provided Point Blank with a $20 million debtor-in-possession loan.”   According to ...

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