Shared Work-Space Company Knotel’s Bankruptcy Plan Approved

The bankrupt estate of Knotel Inc. won court approval to wind down in bankruptcy after the shared work-space business was sold to lender Digiatech LLC, an affiliate of commercial real estate firm Newmark Group Inc.

Knotel’s Chapter 11 plan was proposed jointly by the company and the official committee of unsecured creditors, representing parties owed between $300 million and $450 million. General unsecured creditors will recover up to an estimated 2.4% on their claims through a $6.2 million cash reserve and the creation of a liquidation trust that can pursue potential legal claims against directors and officers or other third ...