Rentech and subsidiary Rentech WP U.S. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-12958 (Rentech WP U.S.). The Company, which processes wood fibre into wood chips and pellets, is represented by Michael R. Nestor of Young Conaway Stargatt & Taylor.
The Company notes that the Chapter 11 filing was initiated in order to sell the assets of its Fulghum Fibres and New England Wood Pellet subsidiaries as well as facilitate an orderly wind-down of Rentech. To that end, subsidiaries conducting the Company’s Fulghum Fibres business in the U.S. entered into an asset purchase agreement with an affiliate of Scott Davis Chip Company for the sale of substantially all of the assets of that business, subject to Court approval. Rentech’s subsidiary that owns the Atikokan Facility also entered into an asset purchase agreement with 2607043 Ontario, an affiliate of True North Timber, for the going-concern purchase of substantially all of the assets of the Company’s Atikokan operations.
Concurrent with its Chapter 11 petition, Rentech also filed with the Court a Combined Disclosure Statement and Chapter 11 Plan of Liquidation. Documents filed with the Court explain, “This Combined Plan and Disclosure Statement contemplates the completion of the sales of substantially all of the assets of certain of the Debtors’ wholly owned, non-Debtor subsidiaries, including Fulghum Fibres, Fulghum Fibres Collins, Fulghum Fibres Florida, Schuyler Wood Pellet, Deposit Wood Pellet, and New England Wood Pellet (collectively, the ‘Non-Debtor Subsidiary Sellers’). This Combined Plan and Disclosure Statement constitutes a liquidating chapter 11 plan for the Debtors and provides for the Distribution of the Debtors’ assets already liquidated or to be liquidated over time to the Holders of Allowed Claims and Allowed Equity Interests.”
The Company seeks the following dates: solicitation procedures and conditional Disclosure Statement hearing – January 12, 2018, with objections due by January 8, 2018; confirmation hearing – February 23, 2018, with objections due by February 16, 2018.
Read more Rentech bankruptcy news.
The post Rentech Bankruptcy Petition, Prepackaged Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.