On Tuesday, the U.S. Bankruptcy Court for the District of Maryland entered its order confirming ADFITECH Inc.'s Second Amended Chapter 11 Plan of Reorganization. It is currently expected that the effective date of the plan will be March 15, says ADFITECH, a provider of post-funding quality control services.
As contemplated in the plan, ADFITECH is expected to emerge from its Chapter 11 case on or around the effective date as a new Delaware corporation.
‘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," says Samuel Meek, the company's president.
ADFITECH will become an independently owned company, managed by a newly formed board of directors.
ADFITECH will continue to supply quality control functions, defaulted loan review services, fulfillment and imaging. The company employs 480 people and will continue to operate in Edmond, Okla.