GLENDALE, CO – The Delaware Bankruptcy Court officially approved the Chapter 11 plan of reorganization presented by USA Rugby during a hearing this morning. The debtor plan is a proposal from USA Rugby to address creditor claims and reconcile bankruptcy debts over time. The plan approval indicates USA Rugby as ‘reorganized’ under the bankruptcy code and allows USA Rugby to operate post-Chapter 11 (Subchapter 5) bankruptcy, effective September 1, 2020.
USA Rugby CEO, Ross Young noted, “This is an important step for USA Rugby and the go-forward plans of the game here in the United States. We are extremely pleased with the outcome, most notably as it becomes the catalyst for us to begin the hands-on rebuilding process with the rugby community and recommence long term planning that will benefit all levels of the game.”
No objections were raised during the hearing. Moving forward, USA Rugby will remain accountable for a five-year reimbursement plan with secured creditors. When completed, the organization will be fully discharged.