ORPHEUM Property, Inc Announces Voluntary Chapter 11 (Subchapter V) Filing of KLMKH, Inc Division
MATTHEWS, N.C., March 11, 2022 /PRNewswire/ -- ORPHEUM Property, Inc. (OTC: PLFF)(the "Company"), a Delaware corporation, today announced that effective March 10, 2022, a division of the Company, KLMKH, Inc., filed a Chapter 11 (Subchapter V) bankruptcy petition in North Carolina. The timing of the filing was in response to a scheduled auction of KLMKH's assets related to a
The Company has been expanding its scope of operations, including into cryptocurrency tokens, a Crypto COLO Center and several other energy sectors. The Company has established three separate subsidiaries to be used in connection with a major project that will yield significant revenues. Negotiations are in the final stages and once fully executed will include advance payments that should be sufficient to retire all debt and provide significant capital to invest in the Company's oil and gas holdings, purchase additional holdings, and fund expanding renewable energy divisions.
Management and the Board are confident that the need for Chapter 11 protection for KLMKH should be unnecessary within 60 days, by which time the Company intends to have the judgment paid in full from revenues, advances and loans.
Update on Tokens
In October 2021, the Company published a release reporting that it had contracted to receive
Forward-Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing, responding to competition and other risks. Actual results may differ materially from such forward-looking statements.
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SOURCE ORPHEUM Property, Inc.