Grandparents.com Announces Effectiveness of Plan of Liquidation

NEW YORK, NY / ACCESSWIRE / September 26, 2017 / Today, Grandparents.com GPCMQ announced that on September 20, 2017, in the matter In re Grandparents.com, Inc., et al.; Case No. 17-14711-LMI (Jointly Administered) (Bankr. S.D. Fla.), the United States Bankruptcy Court for the Southern District of Florida (Miami Division) confirmed the First Amended Joint Plan of Liquidation of the Debtors, Grandparents.com, Inc. and Grand Card LLC (collectively, the "Debtors") filed on August 18, 2017 (as amended on the record at the Confirmation Hearing, the "Plan"), which incorporates a settlement agreement with the Debtors' largest secured and unsecured creditor, VB Funding, LLC, approved contemporaneously therewith. On September 26, 2017, the Effective Date of the Plan occurred and all of the remaining assets of the Debtors were transferred to a liquidating trust for the benefit of the Debtors' creditors in accordance with the terms of the Plan and Liquidating Trust Agreement.

SOURCE: Grandparents.com, Inc.