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GreenHunter DS Approved, Liquidating Plan Confirmed

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The U.S. Bankruptcy Court issued an order approving the Disclosure Statement and concurrently confirming GreenHunter Resources’ First Amended Plan of Liquidation.

As previously reported, “Each holder of an Allowed Administrative Claim that has not been previously paid will be paid by the Liquidating Trustee in full in cash by the later of (i) within 60 days of the Effective Date; (ii) the date that is 15 days after the date upon which upon which the Administrative Claim becomes an Allowed Administrative Claim; or (iii) on such other less favorable terms as may be agreed upon by the holder of the Allowed Administrative Claim and the Debtors or the Liquidating Trustee.”

In addition, “The Secured Claim of TCF is Allowed against all of the Debtors in the amount of $3,658.995 plus interest, fees and costs….As of the filing of the Disclosure Statement, there are approximately $13,000,000 in Class 4 Unsecured Claims that have been scheduled and/or for which proof of claim have been filed, not including deficiency claims of Holders of Secured Claims.”

This water management solutions’ provider filed for Chapter 11 protection on March 1, 2016, listing $35 million in pre-petition assets.

Read more GreenHunter bankruptcy news.