IronNet, Inc. filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on November 20, 2023. As per the plan filed, administrative claims, professional fee claims, priority tax claims, United States Trustee Statutory fees, other priority claims, other secured claims, shall be paid in full in cash. DIP facility claims shall receive its pro rata share of the new common equity, if restructuring is consummated, or shall receive payment in full in cash if sale transaction is consummated.

IronNet secured note claims and OpCo secured note claims shall receive its pro rata share of the new common equity in reorganized IronNet if restructuring occurs; if a sale transaction occurs, then IronNet secured note claims and OpCo secured note claims shall be paid its pro rata share of cash. IronNet general unsecured claims and OpCo other unsecured claims shall receive its pro rata share of lumpsum payment. OpCo general unsecured claims shall be paid in ordinary course of business.

Intercompany claims shall receive no distribution under the plan and shall be adjusted, Reinstated, or discharged in the event reorganization occurs; if sale transaction occurs, then intercompany interest shall receive no distribution under the Plan, and all Intercompany Claims shall be adjusted, Reinstated, or discharged. Intercompany Interests shall receive no distribution under the plan and shall be reinstated. Equity Interests in IronNet shall receive no distribution under the plan, and all equity interests in IronNet shall be released, discharged, and extinguished if reorganization occurs.

If sale transaction occurs, then equity interests in IronNet shall receive any remaining cash after all other claims are paid in full. The plan shall be funded trough cash, sale of assets and exit facility.