Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) told investors that it has now received approval of the proposal for the settlement of creditors under the TSP from all three creditor groups.
The company noted the Court in Lod will now schedule a hearing to consider the proposal – if approved, Ethernity will exit the TSP process.
Valid creditors would then be repaid in full over 12 months, in quarterly instalments, with the first payment being made within 90 days. The company said that the total creditor balance under the settlement proposal was US$1.6 million.