Aquasearch files payment plan

Advertiser Staff

Big Island biotechnology company Aquasearch Inc. has filed a reorganization plan in U.S. Bankruptcy Court that would pay its unsecured creditors 15 percent of their claims in cash and give a California company majority ownership.

RM Co. would pay about $1.8 million to acquire 68 percent of Aquasearch. Shareholders would keep a 32 percent share.

Unsecured claims against the company total $5.5 million, which means Aqua-search should have to pay out about $825,000 in cash under the reorganization.

The plan would allow the publicly held Aquasearch to increase its outstanding shares from 150 million to 490 million.

A hearing has been scheduled May 20 to approve the plan's preliminary outline.