Protected Vehicles gets court approval for settlement clearing path to plan confirmation

By Jennifer Lanning Drey

Portland, Ore., Jan. 28 - Protected Vehicles, Inc. was granted court approval of a global resolution with Rafael-Advanced Defense Systems Ltd. that the company said clears the way to confirmation of its plan of liquidation, according to a source familiar with the case.

The approval came Wednesday from the U.S. Bankruptcy Court for the District of South Carolina.

Under the settlement, Protected Vehicles and Rafael will release all claims against each other, allowing Protected Vehicles' interests in their joint intellectual property to be transferred to PVI Acquisition LLC, Protected Vehicles' asset purchaser.

Specifically, Rafael will release a $16.6 million claim against Protected Vehicles.

According to the motion requesting the approval, the court conditionally approved Protected Vehicles' plan of liquidation pending approval of the global resolution.

Protected Vehicles and Rafael were parties to a teaming agreement under which they jointly owned information, intellectual property rights and associated work product.

Protected Vehicles, a North Charleston, S.C., designer and manufacturer of mine and ballistic protected vehicles, filed for bankruptcy on Feb. 5, 2008. Its Chapter 11 case number is 08-00738.

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