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Appvion Amended Combined Plan & Disclosure Statement

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Appvion filed with the U.S. Bankruptcy Court a Second Amended Chapter 11 Combined Plan & Disclosure Statement. The Court documents explain, “Upon the Effective Date, without the need for further order of the Bankruptcy Court or motion of, or notice from, the Debtors or the Liquidating Trustee, the Chapter 11 Cases of each of the Debtors shall be deemed closed as of the Effective Date without prejudice to the rights of any party in interest to seek to reopen any of the Chapter 11 Cases under section 350(b) of the Bankruptcy Code; provided, however, that the case of Appvion shall remain open until the Liquidating Trustee for Appvion files a motion seeking entry of a final decree closing its case….Pursuant to the Section X.M of the Plan, all Distributions in respect of Allowed Claims will be allocated first to the principal amount of the Allowed Claim (as determined for federal income tax purposes), with any excess allocated to accrued but unpaid interest. However, there is no assurance that such allocation would be respected by the IRS for federal income tax purposes.” The Court subsequently approved the Plan & Disclosure Statement and scheduled an August 14, 2018 hearing to consider the Plan with objections due by August 2, 2018.

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The post Appvion Amended Combined Plan & Disclosure Statement appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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