The US Bankruptcy Court approved the modified first amended plan of reorganization of Quanergy Systems, Inc. on November 8, 2023. The debtor has filed its modified first amended plan in the Court on October 2, 2023. As per the amended plan, administrative claims, professional fee claims, priority tax claims, secured claims are of $0, priority non-tax claims are of $0.03 million, shall be paid in full in cash.

general unsecured claims are of $12.58 million - $13.84 million with expected recovery of 8.5%- 10.3% shall receive its pro rata share of general unsecured claim distribution. Subordinated claims shall receive its pro rata share of subordinated claim distribution. Interests shall be cancelled and shall receive its pro rata share of interest distribution.

The plan shall be funded through cash.