Former Fuhu files plan of liquidation to distribute net sale proceeds

By Caroline Salls

Pittsburgh, Sept. 1 – Arctic Sentinel, Inc., formerly Fuhu, Inc., filed its plan of liquidation and related disclosure statement Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Under the plan, the net proceeds of the sale Arctic Sentinel’s assets will be pooled and distributed, first to holders of any secured claims, then to pay holders of administrative and priority claims in full.

Holders of secured claims will, at the option of the company, receive the rights to which the claim entitles them, or receive the collateral securing the claim.

Holders of equity interests will receive no distribution under the plan.

Holders of unsecured claims will receive a share of liquidating trust interests following the payment of or reserve for payment of higher priority claims.

The disclosure statement hearing is scheduled for Oct. 6.

Arctic Sentinel, based in El Segundo, Calif., makes children’s computer tablets and filed for bankruptcy on Dec. 7, 2015. Its Chapter 11 case number is 15-12465.

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