Rentech’s Second Amended Combined Disclosure Statement & Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 30, 2018.
According to documents filed with the SEC, on the effective date all assets of the Company will be transferred to the Rentech Liquidation Trust to be administered by Peter Kravitz, who will become the post-confirmation liquidating trustee. In addition, the Plan (i) provides that all outstanding common stock and other equity of the Company (including any warrants, options or contract rights to purchase or acquire the Company’s common stock at any time) will be cancelled and (ii) provides that holders of options, warrants or contract rights to purchase or acquire the Company’s common stock will not receive any distribution.
BankruptcyData’s detailed Plan Summary notes, “This Combined Plan and Disclosure Statement contemplates the completion of the sale 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. The Plan provides for the distribution of the Debtors’ assets already liquidated or to be liquidated over time to allowed claimholders and equity interest holders….General Unsecured Claims will receive its pro rata share of any funds remaining in the Rentech Liquidation Trust or such other treatment as may be agreed upon by such Holder and the Liquidation Trustee, for a rate of recovery of 43% – 84%.”
This wood fibre processor filed for Chapter 11 protection on December 19, 2017, listing $313 million in pre-petition assets.
Read more Rentech bankruptcy news.
The post Rentech Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.