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Axion International Holdings Plan Effective

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Axion International Holdings’ Joint Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on June 9, 2016.

According to documents filed with the Court, “On the Effective Date, the transfer of the Settlement Trust Assets to the Settlement Trust will be a legal, valid and effective transfer of the Settlement Trust Assets, and will vest the Settlement Trust with all rights, title and interests in and to the Settlement Trust Assets, free and clear of all Liens/Claims except for the claims of the Settlement Trust beneficiaries and the Settlement Trustee pursuant to the Settlement Trust Agreement and Plan.”

Court-filed documents continue, “By confirmation of the Plan the Debtors seek to convey the Acquired Assets to the Purchaser and in connection therewith the Debtors have: (a) demonstrated good, sufficient, and sound business purposes for the Sale; (b) appropriately exercised their business judgment in connection with the Sale, including the designation of the Kronstadt Parties as the Successful Bidder as authorized pursuant to the Sale Procedures Order; and (ii) the Asset Purchase Agreement presents the best opportunity to realize the value of the Acquired Assets…The Plan constitutes a liquidating chapter 11 plan for the Debtors….The Plan further provides for the termination of all Equity Interests in the Debtors, the dissolution and wind-up of the affairs of the Debtors, and the transfer of any remaining Estate Assets to the Settlement Trust. Two of the Debtors will be dissolved under applicable law as soon as practicable upon the closing of the Chapter 11 Cases. The Liquidating Debtor will not dissolve until all of the Retained Assets have been distributed and all claims objections finally adjudicated.”

This polymer manufacturer filed for Chapter 11 protection on December 2, 2015, listing $18 million in pre-petition assets. Read more Axion bankruptcy news.

The post Axion International Holdings Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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