DPW Holdings Shares Up 14% on Reorg Plan for CBCS
11 October 2019 - 12:52PM
Dow Jones News
By Chris Wack
Shares of DPW Holdings Inc. (DPW) 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.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 11, 2019 07:37 ET (11:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.