The U.S. Bankruptcy Court issued an order confirming TerraVia Holdings’ Combined Disclosure Statement and Chapter 11 Plan of Liquidation [further revised].
As previously reported, “The Combined Disclosure Statement and Plan contemplates the liquidation and dissolution of the Debtors and the resolution of all outstanding Claims and Interests….The plan offers unsecured creditors a 12.25 percent recovery on $181 million in claims. The company’s $22.7 million distribution plan tops by about $1 million the recovery expected from a switch to a trustee-managed Chapter 7 sale. About $6.5 million will be set aside to pay attorneys’ fees and related costs for the case….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 addition, “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.”
This food and nutrition ingredients provider filed for Chapter 11 protection on August 2, 2017, listing $136 million in pre-petition assets.
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