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Midway Gold Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of Midway Gold’s Revised Second Amended Joint Chapter 11 Plan of Liquidation, dated October 18, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on November 15, 2017; however, an effective date has not yet been issued.

BankruptcyData notes, “The Plan of Liquidation provides for the appointment of the Liquidating Trustee and for the transfer of substantially all of the Company’s remaining assets to the Midway Liquidating Trust. The Liquidating Trustee will administer the Plan and the Midway Liquidating Trust.” BankruptcyData’s Plan Summary continues, “The Liquidation Analysis for the Debtors estimates the Cash Balance as of January 31, 2017 to be $19.2 million. The recovery rate to the Priority Non‐Tax Claims is estimated to be 100%. The recovery rate to Unsecured Claims is estimated to be between 0% – 12%.”

Premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to Midway Gold’s June 22, 2015 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more Midway Gold bankruptcy news.

The post Midway Gold Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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