WEST PALM BEACH, FLORIDA, UNITED STATES, July 27, 2020 /EINPresswire.com/ — Mina Mar Group (MMG) (www.minamargroup.com) announces special-purpose financing for OTC quoted issuers contemplating reorganization under bankruptcy protection (Chapter 11).
Miro Zecevic CEO of MMG said “Most folks when they start their small businesses, are energetic full of hope and almost never, (as most of us don’t), consider the downside of business cycles. For issuers where creditors are hounding you, and the toxic financiers are demolishing your life’s work and eroding your shareholder values; the new Federal bankruptcy laws provide quick and efficient resolution. Be it companies effected by bad business decisions, and or those beyond their control such as by COVID 19. The financing we offer is a perfect strategy to get the company back on its feet, in a WIN-WIN scenario.”
The CARES Act temporarily (for 2020 and the next year 2021) unless extended or amended allows companies with up to $7,500,000 (up from $2,725,625) in secured and unsecured non-contingent and liquidated debt to use special provisions to reorganize. This increase makes opens the door for larger issuers, with significant contingent and unliquidated debts under the traditional chapter 11, to qualify as a “small business debtor” and seek confirmation under the relaxed standards of CARED ACT.
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