First Amended Liquidation Plan Approved for Tintri, Inc.
October 08, 2019 at 12:00 am EDT
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The US Bankruptcy Court approved the amended plan of liquidation of Tintri, Inc. filed by The Official Committee of Unsecured Creditors on October 8, 2019. The debtor has filed its amended plan in the Court on September 23, 2019. As per the amended plan, administrative expense claims, professional fee claims, US Trustee fees and priority tax claims will be paid in full in cash. Other priority claims of $0.18 million, secured tax claims of $5,700 and other secured claims of $1.32 million will be paid in full in cash. Secured lender claims of $5.25 million will be recovered 50% in the form of cash. General unsecured claims of $49 million will be recovered 1.7% plus 50% of net recoveries on all commercial tort claims, including any director and officer claims in cash. Convenience claims of $0.17 million will be recovered 50% in cash. Intercompany claims, intercompany interests and equity interests shall be cancelled. The plan has been funded through cash in hand and sale of assets.
Tintri, Inc. is a storage company. The Company provides customized solutions for storing and managing virtual machines in enterprise data centers through its wholly owned subsidiary of DataDirect Networks (DDN). The Companyâs products include VMstore, DDN IntelliFlash and NexentaStor. Its products also include block storage, flash storage, file storage, artificial intelligence (AI) storage, unified storage, monitoring and management, and software-defined storage, including SFA18KX, SFA7990X, SFA200NVX2, SFA400NVX2, EXAScaler, A3I, AI400X2, DDN DataFlow and DDN Insight. The Company's solutions include structured query language (SQL) integrated storage, databases, data protection, DevOps, virtual desktop infrastructure (VDI), virtualization, enterprise AI and industry solutions.