Charge Enterprises (CRGEQ) has shared an announcement.
Charge Enterprises, Inc. has successfully confirmed its prepackaged Chapter 11 Plan of Reorganization, which will see its debt equitized in exchange for new common stock, primarily benefitting Arena Investors and potentially Island Capital Group if conditions are met. Key executive employment agreements will be terminated, and all pre-existing stocks will be canceled as the company ceases to be publicly traded. The effective date of the plan is anticipated to be around May 3, 2024, but is subject to certain conditions. This restructuring aims to streamline operations and resolve the company’s financial challenges, although the future remains uncertain and dependent on several factors.
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