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CSH Winddown (f/k/a Color Spot Nurseries) – Files Combined Plan of Liquidation & Disclosure Statement

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September 20, 2018 – CSH Winddown (f/k/a Color Spot Nurseries) filed a Combined Plan of Liquidation and Disclosure Statement [Docket No. 391]. The Court documents explain, “Following the sale of substantially all of the Debtors’ assets, the Debtors are focused principally on winding down their businesses and preserving cash held in the Estates.  The Debtors’ Retained Assets currently consist of, among other things, cash, certain deposits, prepayments, credits and refunds, insurance policies or rights to proceeds thereof, and certain Causes of Action. This Plan provides for the Debtors’ Retained Assets already liquidated or to be liquidated over time and the proceeds thereof to be distributed to holders of Allowed Claims in accordance with the terms of the Plan. The Wind-Down Administrator will effect such liquidation and distribution. The Debtors will be dissolved as soon as practicable after the Effective Date.”
The following is a summary of classes, claims, voting rights and projected recoveries: 
  • Class 1 (“Priority Non-Tax Claims”) is unimpaired, deemed to accept and not entitled to vote. The projected amount of claims is less than $750,000 and projected recovery is 100%.
  • Class 2 (“Other Secured Claims”) is unimpaired, deemed to accept and not entitled to vote. The projected amount of claims is $0 and projected recovery is 100%. 
  • Class 3 (“Wells Claims”) is impaired and entitled to vote. The projected amount of claims is $13,459,494.40 and projected recovery is 5%.
  • Class 4 (“General Unsecured Claims”) is impaired, deemed to reject the Plan and not entitled to vote. The projected amount of claims is $225,370,248 and projected recovery is 0%.
  • Class 5 (“Intercompany Claims”)  is impaired, deemed to reject the Plan and not entitled to vote. The projected amount of claims is $0 and projected recovery is 0%.
  • Class 6 (“Interests”) is impaired, deemed to reject the Plan and not entitled to vote. The projected amount of claims is N/A and projected recovery is 0%.
The Court scheduled a confirmation hearing of the plan on November 14, 2018, with objections to be filed on or before November 8, 2018.

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The post CSH Winddown (f/k/a Color Spot Nurseries) – Files Combined Plan of Liquidation & Disclosure Statement appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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