Liquidation Plan and Disclosure Statement Filed by The Official Committee of Unsecured Creditors
July 10, 2019 at 12:00 am EDT
Share
The Official Committee of Unsecured Creditors filed a plan of liquidation for Tintri, Inc. in the US Bankruptcy Court on July 10, 2019. As per the plan filed, 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.