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In the News

Linc USA Liquidation Plan Confirmed with Help from Pillsbury

As mentioned in: The Deal
February 14, 2017

After filing for Chapter 11 bankruptcy, Linc USA GP had its liquidation plan and disclosure statement approved by Judge David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas on Feb. 13. The plan creates a creditor trust that will pay trade creditors 1) $950,000, 2) 50 percent of the proceeds of some bonds and 3) 40 percent of all other net trust recoveries.

This represents a significant increase from the estimated amount the trade creditors were originally expected to recover, which was only 2 percent of the trust, dwarfed by the $300 million in deficiency claims, Houston Insolvency & Restructuring partner Hugh M. Ray III told The Deal. Ray, who represents the official committee of unsecured creditors, referred to the plan as a “tremendous” payout for his clients.

Read more about the terms of the payout on The Deal.

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