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IN THE UNITED STATES BANKRUPTCY COURTFOR THE NORTHERN DISTRICT OF ILLINOISEASTERN DIVISION
In re: §Chapter 11§XECHEM, INC. §Case No. 08-30512 (JBS)and§Case No. 08-30513 JBS)XECHEM INTERNATIONAL, INC.§(Jointly Administered)§Debtors.§___________________________________
PLAN OF REORGANIZATION FOR THE DEBTORSPROPOSED BY LAMONTE FORTHUN
LaMonte Forthun, a shareholder of Xechem International, Inc. (“X Int’l”), the owner of all of the issued and outstanding stock of Xechem, Inc. (“X Inc.”), debtors and debtors-in-possession herein, hereby proposes the following plan of reorganization pursuant to Section1121(a) of the Bankruptcy Code for the resolution of each of the Debtors’ outstanding creditorclaims and equity interests. The terms of this Plan shall be applied separately to each of theDebtors.
ARTICLE IDEFINITIONS AND CONSTRUCTION OF TERMS
Capitalized terms used herein and not otherwise defined herein have the respectivemeanings given in Sections 101 and 102 of the Bankruptcy Code. The following capitalizedterms used herein have the following respective meanings:1.1“Administrative Convenience Claim" shall mean any Allowed Unsecured Claimin the amount of $10,000 or less, or any Allowed Unsecured Claim which the Holder of suchclaim elects to reduce to the amount of $10,000.1.2“Administrative Expense Claim” means a Claim that is Allowed under Section503(b) or 1114(c)(2), if any, of the Bankruptcy Code that is entitled to priority under Section507(a)(1) of the Bankruptcy Code, including, without limitation, (a) any actual and necessarycosts and expenses of preserving the Estates or administering the Chapter 11 Cases as authorizedand approved by a Final Order, (b) any actual and necessary costs and expenses incurred in theordinary course of the Debtors’ businesses subsequent to the Petition Date, unless otherwisedetermined by a Final Order, (c) “Administrative Claims Bar Date” is defined in Section 10.2hereof, (d) “Administrative Claims Objection Deadline” is defined in Section 10.2 hereof, (e)fees and expenses of Professionals Allowed pursuant to a Final Order entered under Sections
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330, 331, or 503 of the Bankruptcy Code, (f) all fees and charges assessed against the Estatepursuant to 28 U.S.C. § 1930, (g) claims for a Cure payment pursuant to any executory contractor unexpired lease which is assumed under a Final Order of the Bankruptcy Court; and (h) allAllowed Claims that are entitled to be treated as Administrative Claims pursuant to a Final Orderof the Bankruptcy Court under Section 546(c)(2)(A) of the Bankruptcy Code.1.3“Allowed” means, with reference to any Claim: (a) a Claim that has been listedby the Debtors in their Schedules and (i) is not listed as disputed, contingent or unliquidated, and(ii) is not a Claim as to which a proof of claim has been filed; (b) a Claim as to which a timelyproof of Claim has been filed as of the Bar Date and either (i) no objection thereto, or applicationto estimate, equitably subordinate or otherwise limit recovery, has been made on or before anyapplicable deadline, or (ii) if an objection thereto, or application to estimate, equitablysubordinate or otherwise limit recovery, has been interposed, the extent to which such Claim hasbeen allowed (whether in whole or in part) by a Final Order; (c) a Claim arising from therecovery of property under Section 550 or 553 of the Bankruptcy Code and allowed inaccordance with Section 502(h) of the Bankruptcy Code; or (d) any Claim allowed under thisPlan or pursuant to the Confirmation Order.1.4"Allowed Class . . . Claim" means an Allowed Claim in the particular classdescribed.1.5“Avoidance Actions” means Causes of Action of the Debtors or the Estatesarising under Sections 502, 510, 541, 544, 545, 547, 548, 549, 550 and 553 of the BankruptcyCode, or under related state or federal statutes and common law, including fraudulent transferlaws, whether or not litigation is commenced to prosecute such Causes of Action.1.6“Ballot” means the form distributed to each holder of an impaired Claim entitledto vote on the Plan on which an acceptance or rejection of the Plan shall be indicated.1.7“Bankruptcy Code” means Title 11 of the United States Code, as amended fromtime to time, as applicable to the Chapter 11 Cases.1.8“Bankruptcy Court” means the United States Bankruptcy Court for the NorthernDistrict of Illinois, or such other court, having jurisdiction over the Chapter 11 Cases.1.9“Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure aspromulgated under 28 U.S.C. § 2075, and any local rules of the Bankruptcy Court.1.10“Bar Date” means the date(s) fixed by order(s) of the Bankruptcy Court by whichPersons asserting a Claim against the Debtors or their property must file a proof of claim or beforever barred from asserting a Claim against the Debtors or their property and from voting onthe Plan and/or sharing in distributions hereunder. For general pre-petition claims andgovernmental unit claims, such date is March 2, 2009.
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1.11“Business Day” means any day other than a Saturday, Sunday or legal holiday, assuch term is defined in Bankruptcy Rule 9006.1.12“Cash” means lawful currency of the United States of America (includingcashier’s checks drawn on a bank insured by the Federal Deposit Insurance Corporation,certified checks and money orders).1.13“Causes of Action” means, without limitation, any and all actions, causes of action, liabilities, obligations, rights, suits, debts, sums of money, damages, judgments, claims orproceedings to recover money or property and demands whatsoever, whether known orunknown, in law, equity or otherwise.1.14“Chapter 11 Cases” means the Debtors’ cases under Chapter 11 of the BankruptcyCode pending in the Bankruptcy Court.1.15“Claim” means a claim against the applicable Debtor or its property as the termclaim is defined in Section 101(5) of the Bankruptcy Code, including, without limitation, (a) anyright to payment, whether or not such right is reduced to judgment, liquidated, unliquidated,fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured orunsecured; or (b) any right to an equitable remedy for breach of performance if such breachgives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured.1.16“Class” means a category of Holders of Claims or Interests as designated inArticle [5] of this Plan.1.17“Collateral” means any property or interest in property of the applicable Debtor’sEstate subject to a Lien or security interest to secure the payment or performance of a Claim,which Lien or security interest is not subject to avoidance under the Bankruptcy Code orotherwise invalid under the Bankruptcy Code or applicable state law.1.18“Confirmation" means entry by the Bankruptcy Court of the Confirmation Order.1.19“Confirmation Date” means the date on which the Clerk of the Bankruptcy Courtenters the Confirmation Order on the docket in each of the Chapter 11 Cases.1.20“Confirmation Hearing” means the hearing to consider confirmation of the Planunder Section 1128 of the Bankruptcy Code.1.21 “Confirmation Order” means the order entered by the Bankruptcy Courtconfirming the Plan pursuant to the provisions of the Bankruptcy Code with a separate orderbeing entered in each of the Debtor’s Bankruptcy Case.
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