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TerraVia Bankruptcy Liquidation Plan Filed

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TerraVia Holdings filed with the U.S. Bankruptcy Court a Combined Disclosure Statement and Chapter 11 Plan of Liquidation.

Documents filed with the Court explain, “The Combined Disclosure Statement and Plan constitutes a liquidating chapter 11 plan for the Debtors. The Combined Disclosure Statement and Plan contemplates the liquidation and dissolution of the Debtors and the resolution of all outstanding Claims and Interests….The Debtors believe that the Combined Disclosure Statement and Plan is reflective of these good faith negotiations and will treat holders of Claims or Interests in an economic and fair manner….Substantially all of the Debtors’ assets were sold during the course of the Chapter 11 Cases pursuant to the Sales, and the Combined Disclosure Statement and Plan provides for the Debtors’ remaining assets to be liquated over time and for the proceeds of any assets already liquated or to be liquidated to be distributed to holders of Allowed Claims in accordance with the terms of the Combined Disclosure Statement and Plan and the priority of Claims provisions of the Bankruptcy Code.”

In addition, “The Debtors’ combined assets to be distributed to holders of General Unsecured Claims pursuant to the Combined Disclosure Statement and Plan are estimated, in good faith, to be less than $25 million. Moreover, the Debtors propose the Combined Disclosure Statement and Plan because they believe that the Combined Disclosure Statement and Plan provides the most efficient means to conclude the Chapter 11 Cases.”The Debtors also filed a motion seeking expedited consideration of the Combined Disclosure Statement and Plan.

Read more TerraVia bankruptcy news.

The post TerraVia Bankruptcy Liquidation Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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