Pac Anchor Plan of Reorganization
On December 12, 2018, the court confirmed the Chapter 11 plan of reorganization (the “plan”) proposed by Pac Anchor and the official Committee of Unsecured Creditors. This means the Chapter 11 bankruptcy of Pac Anchor was a complete success.
The primary objective for Pac Anchor’s Chapter 11 reorganization was to resolve Pac Anchor’s potential liability associated with its practice of compensating its drivers as 1099 independent contractors rather than as W-2 hourly employees.
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