E-mail and interactive marketing firm Impower Inc. emerged from bankruptcy protection yesterday after restructuring and settling with creditors. It filed for Chapter 11 protection in August.
“Rather than insolvent with debts in excess of $20 million, we exit Chapter 11 with a balance sheet that will enable us to go forward, build our business, serve our customers and pay our creditors,” said Gregory C. Ellis, president/CEO of Impower Inc., Princeton, NJ.
Under the reorganization plan, Impower's unsecured creditors will receive 30 percent of the money owed to them. At least 12 percent will be distributed in cash by the end of August. The rest will begin payments in six months. According to a letter Impower mailed its trade partners, two-thirds of the settlement monies will be paid out over the next year. The plan was confirmed May 23 in U.S. Bankruptcy Court in Trenton, NJ.
The company is operating with 20 full-time employees and continues to offer its core services to clients, though Ellis would not name any of those clients. Impower's main product offerings include e-mail brokerage, e-mail house file management and the ImpowerBase e-mail database.
Impower was spun off from American List Counsel in 1999.
