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Decision Ends Seven-Year Litigation for LISTSERV® Email List Management Software Provider
Landover, MD (June 2, 2009) – The U.S. Bankruptcy Court for the District of Maryland has approved L-Soft international's reorganization plan, signaling the company's emergence from its voluntary Chapter 11 petition (Case 07-12173-WIL). The reorganization plan, supported by 85 percent of the firm's creditors, becomes effective June 17, 2009. On that date, L-Soft international will no longer need to seek court approval for decisions outside the ordinary course of business. L-Soft international has continued normal business operations since its petition, filed two years ago to help resolve protracted litigation. The reorganization plan includes a final settlement of this litigation.
L-Soft international's parent and sister companies in Sweden, Germany and the UK were dismissed from the litigation in 2003 and have not been subject to any bankruptcy proceedings.
"We went into Chapter 11 thinking that we would be filing a reorganization plan within 6 months because our reorganization was so straightforward," said L-Soft CEO and founder Eric Thomas. "In hindsight, there is a lot more to getting a reorganization plan approved than drafting it and explaining why it is the best possible plan. These two years in Chapter 11 have been a fascinating experience, but I am glad that it is finally over and that I can get back to reading source code instead of court motions."
With the exception of the rejection of an 8,600 square foot lease in Bethesda, MD, L-Soft international has not made any significant operational changes or laid off any employees since the 2007 Chapter 11 petition.
Information about L-Soft's Chapter 11 reconstruction is available at:
http://www.lsoft.com/news/onward.asp
L-Soft, which was incorporated in 1994, offers email list and opt-in email marketing software and hosting services for managing email newsletters, discussion groups and marketing campaigns. L-Soft's pioneering LISTSERV® email list management software products serve more than 100 million list subscriptions. L-Soft celebrates its 15th anniversary in 2009.
Susan Brown Faghani
1-301-731-0440, Ext 4
https://www.lsoft.com/contact/econtact.asp?id=pressinfo
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