The U.S. Bankruptcy Court issued an order confirming Dakota Plains Holdings’ Amended Chapter 11 Plan of Liquidation.
As previously reported, “The overall purpose of the Plan is to liquidate and distribute the Debtors’ remaining assets in a manner designed to maximize recoveries to all stakeholders. The Debtors believe the Plan is reasonably calculated to lead to the best possible outcome for all creditors in the shortest amount of time and preferable to all other alternatives….The Debtors estimate that that the unpaid Administrative Claims in these Chapter 11 Cases will not exceed $1,550,000, approximately the amount that has been included in the budgets filed by the Debtors in these Chapter 11 Cases.”
In addition, “In full satisfaction of the Prepetition Lenders Allowed Class 2 Claim, the Prepetition Lenders shall, in addition to the previously received Prepetition Lender Sale Proceeds, retain their Lien, and (a) receive all the Cash subject to its Lien on the Effective Date, except for an amount equal to $30,000 (the ‘Liquidating Trust Carve out’); and, (b) at the election of the Prepetition Lenders, either: (i) the proceeds of liquidation of all other Estate Assets subject to the Prepetition Lenders’ Lien; or (ii) return of the Prepetition Lenders’ collateral as the indubitable equivalent of such portion of the Secured Claim with the return to occur on the Effective Date.”
This crude oil loader filed for Chapter 11 protection on December 20, 2016, listing $74 million in pre-petition assets.
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