By Chris Wack
Shares of DPW Holdings rose 14% to $2.03 premarket after the company said the plan of reorganization submitted by CBCS Washington Street LP with its chapter 11 bankruptcy filing in the U.S. Bankruptcy Court of the Southern District of New York was confirmed by the court earlier this week.
The holding company, which holds a minority position in CBCS, said the plan of reorganization includes a $135 million construction loan commitment from Hana Financial Investment of Hana Financial Group (086790.SE).
Over the course of the bankruptcy proceedings, CBCS's equity ownership was restructured such that, as of Sept. 6, Mactaggart Family & Partners LP is no longer an investor, and 50% of CBCS is owned, directly and indirectly, by James R. Parks. Mr. Parks has agreed to contribute $19 million as additional capital for a hotel construction project.
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