Vineyard National Bancorp filed with the U.S. Bankruptcy Court a Disclosure Statement related to the Debtors’ Joint Plan of Liquidation filed by the Company and its official committee of unsecured creditors, dated January 6, 2010. The Disclosure Statement asserts, “The Plan provides for the disposition of all assets of the Debtor’s Estate through the establishment of a Liquidating Trust for the benefit of the Holders of Allowed Claims consistent with the priority provisions of the Bankruptcy Code, as provided for in the Debtor’s Pan of Liquidation. Remaining assets, to the extent not converted to cash or other proceeds as of the Effective Date, will be sold or otherwise disposed of after the Effective Date, with all net cash proceeds to be distributed to Holders of Allowed Claims as provided for in the Plan.” The Company also filed Exhibits B, C and E to the Disclosure Statement.
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.