Meade Instruments Corp.'s Chapter 11 reorganization plan won court approval, setting the stage for transferring the telescope manufacturer’s assets to a competitor, Orion Telescopes and Binoculars.
Under the plan, Orion, which was Meade’s largest unsecured creditor, will receive substantially all of Meade’s “operating assets,” including cash, accounts receivable, inventory, intellectual property, and fixtures and equipment.
Other unsecured creditors will recover between 15% and 30% of their claims, depending on what claims remain after objections are resolved, the company said.
Insider creditors and equity holders get nothing under the plan.
The plan, approved after an April 28 hearing by Judge ...