Maryland Bankruptcy Court Confirms ADFITECH, Inc. Plan of Reorganization; Company Expected to Emerge from Chapter 11 by Mid-March

EDMOND, Okla., March 3 /PRNewswire/ -- On March 2, 2010, the United States Bankruptcy Court for the District of  Maryland (the "Bankruptcy Court") entered its Order confirming ADFITECH, Inc.'s Second Amended Chapter 11 Plan of Reorganization (the "Plan").  The Bankruptcy Court held a confirmation hearing with respect to the Plan on February 24, 2010, and the Bankruptcy Court entered its Order confirming the Plan on March 2, 2010.  It is currently expected that the effective date of the Plan will be March 15, 2010.  As contemplated in the Plan, ADFITECH is expected to emerge from its chapter 11 case on or about the effective date as a new Delaware corporation.

Samuel Meek, the President of ADFITECH, stated:  "We are pleased that ADFITECH is on the  verge of emerging successfully from chapter 11, and the management and employees of ADFITECH look forward to continuing to serve our loyal clients as an independent company."

ADFITECH will become an independently owned company, managed by a newly formed board of directors.  "The board is excited to be involved in such a well respected company like ADFITECH.  We look forward to supporting ADFITECH's efforts to continue to grow the product offerings and improve the services and technologies already in place," commented Jay H. Lustig, ADFITECH's newly appointed Chairman of the Board.

ADFITECH will continue to supply quality control functions, defaulted loan review services, fulfillment and imaging. ADFITECH, which has 480 employees, will continue to operate in Edmond, OK.  ADFITECH services over 400 mortgage lenders, banks and other industry entities.  

Additional information concerning the Adfitech case including copies of Adfitech's Plan and the Bankruptcy Court's Order confirming the Plan can be found at the website maintained by Adfitech's court-approved claims, solicitation and noticing agent, Epiq Bankruptcy Solutions, LLC, which can be found at http://chapter11.epiqsystems.com/adfitech  

Contact:  Dru Jacobs, +1-405-715-8014, [email protected]

SOURCE ADFITECH, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED