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Dakota Plains Holdings PSA Approved

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The U.S. Bankruptcy Court approved Dakota Plains Holdings’ assumption of a plan support agreement (PSA).

As previously reported, “The PSA is the product of extensive, arm’s-length, good faith negotiations between the Debtors and World Fuel Services WFS. The following is a summary of the key terms of the PSA: The Debtors agree and stipulate that WFS shall be entitled to an allowed, general unsecured, non-priority and liquidated claim in the amount of $15,000,000 against the Debtors’ collective estates, without offset, objection, defense or counterclaim, the ‘Settled Claim.'”

In addition, “Specifically, the PSA resolves multiple claims between the Debtors and the WFS Entities which will eliminate significant costs of the Debtors’ estates. It also guarantees support of its sale process by one of the Debtors’ largest creditors. As a result, the Debtors’ efforts will be focused on a successful sale process and maximizing value for their creditors instead of costly litigation over competing claims with the WFS Entities….Finally, assumption of the PSA will not create any new claims against the estate. It will simply liquidate the claims of the WFS Entities at a significant discount from amounts alleged by the WFS Entities.”

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The post Dakota Plains Holdings PSA Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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