BankruptcyData’s detailed analysis and summary of Dakota Plains Holdings’ Amended Joint Plan of Liquidation, dated June 9, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on September 25, 2017; however, an effective date has not yet been issued.
BankruptcyData notes, “The purpose of the Plan is to provide for the orderly liquidation of the Debtors’ assets remaining after the Sale Transaction, which consist primarily of Causes of Action, and the distribution of the net proceeds of such liquidation to the Holders of Allowed Claims. The overall purpose of the Plan is to liquidate and distribute the Debtors’ remaining assets in a manner designed to maximize recoveries to all stakeholders. The Debtors believe the Plan is reasonably calculated to lead to the best possible outcome for all creditors in the shortest amount of time and preferable to all other alternatives.”
BankruptcyData’s Plan Summary continues, “General Unsecured Claims will be entitled to a pro rata share of the Beneficial Interests in the Liquidating Trust; provided that the Liquidating Trustee will make all Distributions in respect of the Allowed Unsecured Claim of the WFS Entities received in satisfaction of the WFS Entities’ Allowed Class 3 Claims to the Administrative Agent.” BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Dakota Plains Holdings’ December 20, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
Read more Dakota Plains bankruptcy news.