Bankruptcy: iCoreConnect Inc.

Form Type: 8-K

Filing Date: 2025-06-03

Corporate Action: Bankruptcy

Type: New

Accession Number: 000147793225004389

Filing Summary: On June 2, 2025, iCoreConnect Inc. and its wholly owned subsidiary, iCore Midco Inc., filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Middle District of Florida. The companies aim to retain control over their assets and operations, optimize their organizational structure, restructure their balance sheets, and strategically position themselves for long-term success. They requested that the Bankruptcy Court jointly administer the cases for procedural efficiency and plan to file first-day motions to ensure continuity of operations, such as employing professionals, using cash collateral, paying prepetition wages, and handling utilities. As of the Petition Date, iCoreConnect had $10,026,552 in outstanding note payables that were in default due to the Chapter 11 filing. Additionally, there was a previous notice from PIGI Solutions regarding an auction of iCoreConnect's assets, with any collection or enforcement activities by PIGI being subject to the automatic stay provisions under the Bankruptcy Code.

Form Type: 8-K

Filing Date: 2025-05-12

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000147793225003561

Filing Summary: On May 6, 2025, iCoreConnect Inc. received notice from PIGI Solutions, LLC that PIGI intended to conduct a public auction of substantially all of iCoreConnect's personal property due to claimed debts of $2,434,243. The company filed a civil action against PIGI alleging fraudulent inducement related to a finder’s fee agreement. A Settlement Agreement was reached on May 6, 2025, allowing the company until May 30, 2025, to terminate the auction and retain its assets by paying $3,099,747, which includes amounts owed to PIGI and other expenses. iCoreConnect intends to satisfy the payment obligations to avoid further proceedings.