QL2 Software, Inc. Announces Joint Plan of Reorganization
August 9 2010
To Our Valued Customers – As originally announced on January 11, 2010, QL2 Software, Inc. has been working through the process of voluntarily restructuring its debt obligations under the protection of Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Seattle, WA. Since that announcement, the company has continued normal operations without interruption.
We are pleased to announce that on Friday August 6, 2010, the United States Bankruptcy Court in Seattle, WA confirmed the Joint Plan of Reorganization initially filed under the sponsorship of Hale Global. Our confirmed Plan results in payment in full of all allowed creditor claims, a DIP Credit Facility, an Exit Facility to support capital growth requirements of QL2 after exiting bankruptcy, and ensures that QL2 would remain a viable Seattle-based entity.
With Friday's Plan confirmation, QL2 is now positioned to exit Chapter 11 Bankruptcy in the next 3 weeks. With Hale Global as our new owners, we are extremely excited about our future and feel very confident about our ability to continue providing quality data services and support to our clients worldwide. In addition, Hale Global is committed to provide us with the necessary resources to expand our client base and to provide innovative products to the marketplace to fuel future growth.
We would like to thank all our clients, vendors and members of our international community for their continued support during this challenging period. Please contact your sales representative or one of us if you have any further questions.
VP and General Manager of Sales
VP of Business Development