CDC Corp., a China-based enterprise software developer also known as Chinadotcom, won a judge’s approval of a bankruptcy reorganization plan where shareholders will get as much as $6.10 a share, Bloomberg News reported today. The cash for equity holders resulted from CDC’s sale of its 87 percent interest in CDC Software Corp. for $249.8 million to Archipelago Holding, an affiliate of Vista Equity Holdings. After paying a $65 million secured judgment claim and other costs, CDC was left with a net of $172.8 million when the sale was completed in April. Unsecured creditors with $2.9 million in claims were paid in full and thus did not vote on the plan. The case is In re CDC Corp., 11-79079, U.S. Bankruptcy Court, Northern District of Georgia (Atlanta).
