Allen Family Foods disclosure statement approved; plan hearing Dec. 19

By Caroline Salls

Pittsburgh, Nov. 6 - Allen Family Foods, Inc. received court approval of the disclosure statement for its plan of liquidation, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Dec. 19.

The company sold substantially all of its assets in July 2011 to Harim USA, Ltd. That sale closed on Sept. 6, 2011.

The proposed plan is designed to liquidate, collect and maximize the cash value of the company's remaining assets and distribute the proceeds through a liquidating trust.

The liquidating trust will pay all allowed priority claims and administrative expense claims in full that were not previously been paid by the debtors.

If any assets remain, holders of allowed general unsecured claims will receive a share.

The holders of intercompany claims and interests will receive no distributions from the liquidating trust.

Allen Family Foods, a Seaford, Del.-based poultry producer, filed for bankruptcy on June 9, 2011. Its Chapter 11 case number is 11-11764.

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