The U.S. Bankruptcy Court confirmed AgFeed Industries’ Revised Second Amended Chapter 11 Plan of Liquidation, which has the support of the official committee of equity security holders. As previously reported, “On the Effective Date of the Plan, the Class Plaintiffs shall receive, in full and final settlement of any and all Claims or causes of action against the Debtors or any defendant in the Class Action Litigation, an Allowed Claim in the amount of $7 million, approximately $3.42 million of which shall be paid from the AgFeed Industries Net Distributable Cash and approximately $3.58 million of which shall be paid from available insurance proceeds….an allowed claim in the amount of $18.0 million payable from the AgFeed Industries Net Distributable Cash which the SEC shall immediately contribute to the Liquidating Trust, with $12.5 million designated solely for distribution to the Holders of Class 5B interests and $5.5 million designated for the SEC Fairness fund to be established or administered by the Liquidating trustee under the Plan or the SEC.” This animal nutrition and hog production provider filed for Chapter 11 protection on July 15, 2013, listing $224 million in pre-petition assets.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.