March 15, 2014
The National D-Day Memorial Foundation has released terms of an agreement to bring it out of bankruptcy.
The agreement allows the foundation's two largest creditors to choose four members for the nonprofit organization's board of directors.
Foundation members say they will present their plan to the U.S. Bankruptcy Court in Lynchburg for approval as soon as possible.
Earlier this month, the foundation and its two biggest creditors, Coleman-Adams Construction and Byron Dickson, announced they have agreed on a repayment plan. The foundation would repay the biggest creditors 2.8 million in unpaid bills.
The foundation also has agreed to pay another $1 million to 38 smaller creditors. It is waiting for them to sign the agreement.
The foundation filed for Chapter 11 bankruptcy protection in November. They have cited a total debt of $3.8 million. The nonprofit organization was given 120 days to work out a deal with its creditors.