TerraVia Holdings filed with the U.S. Bankruptcy Court a combined Disclosure Statement and Chapter 11 Plan of Liquidation [further revised].
Documents filed with the Court explain, “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….On the Effective Date, each holder of an Allowed SVB Facility Claim which has estimated allowed claims of $12,551,900, shall receive, in full satisfaction of its Allowed SVB Facility Claim, payment in full in Cash or such other treatment that will render such Claim Unimpaired.”
In additon, “On the Effective Date, each holder of an Allowed General Unsecured Claim with allowed claims of $181,253,700, shall receive, in full satisfaction of its Allowed General Unsecured Claim, its Ratable Share of the remaining Sale Proceeds and other assets of the Estates following: (i) payment in full in Cash or such other treatment as to render Unimpaired all DIP Facility Claims, Administrative Expense Claims, Professional Fee Claims, Other Secured Claims, Other Priority Claims and SVB Facility Claims; and (ii) funding of the Convenience Claim Pool under the Combined Disclosure Statement and Plan….On the Effective Date, TerraVia shall issue one share of stock in Liquidating TerraVia to the Plan Administrator, which will hold such share of stock, and such share of stock will remain outstanding until Liquidating TerraVia is dissolved in accordance with the Combined Disclosure Statement and Plan.”
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