1 Global Capital amended plan of liquidation takes effect on Nov. 21

By Caroline Salls

Pittsburgh, Nov. 22 – 1 Global Capital LLC and 1 West Capital LLC’s first amended joint plan of liquidation took effect on Thursday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Florida.

The plan was confirmed on Sept. 20.

As previously reported, 1 Global said the plan calls for the creation of a liquidating trust to liquidate the debtors’ assets and make distributions to creditors.

On the plan effective date, cash and other property of the debtors was transferred to the trust, and trust interests were distributed to specified creditors.

Initial distributions will be made to creditors 30 days after the plan effective date or as soon as possible onwards.

Under the plan, holders of administrative claims, secured tax claims and other priority claims will be paid in full in cash.

Holders of other secured claims will receive either the collateral securing the claim or cash in the amount of the claim.

Holders of class 4A investor principal claims and class B general unsecured claims will receive a share of liquidating trust interests.

All equity interests in the debtors will be cancelled, and holders will receive no distribution.

1 Global is a Hallandale Beach, Fla., business lender. The company filed for bankruptcy on July 27, 2018 under Chapter 11 case number 18-19121.

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