Midway Gold’s Revised Second Amended Joint Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on November 15, 2017.
The effective notice states, “Except as provided in the Plan and Confirmation Order, the deadline to file all Administrative Claims is January 5, 2018 (30 days from the date of this Notice). All such Administrative Claims must be filed in accordance with the terms of the Plan, the Confirmation Order, the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and applicable local rules. Except as provided in the Plan and Confirmation Order, the deadline to file all claims based upon the rejection of an executory contract or unexpired lease under the Plan is January 5, 2018 (30 days from the date of this Notice).”
BankruptcyData’s detailed Plan Summary 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….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%.”
This gold and silver exploration and production company filed for Chapter 11 protection on June 22, 2015, listing $201 million in pre-petition assets.
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