Creditors voting on reorganization plan

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Tuesday, Aug. 3, 2004 | 11:13 a.m.

Creditors in the PurchasePro.com Inc. bankruptcy case have been mailed ballots seeking approval of a reorganization plan that could ultimately provide a return for shareholders of the failed Las Vegas e-commerce company.

Creditors have until Aug. 20 to vote on the plan, which would then be brought before the bankruptcy court in Sept. 1.

The plan spells out the payment of of more than $500 million in taxes to four states as well as unpaid wage and unsecured claims estimated at between $10 million and $12 million. Meanwhile the estate is pursuing a series of lawsuits to recover additional funds. The excess would go to shareholders.