Agera disclosure statement OK’d; plan confirmation hearing June 12

By Caroline Salls

Pittsburgh, May 11 – Agera Energy LLC obtained court approval of the disclosure statement for its plan of liquidation, according to an order filed Saturday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for June 12.

As previously reported, the plan will be funded from effective date cash and other assets of the Agera estates.

A liquidating trust will be established under the plan to liquidate assets and collateral and make distributions.

Under the plan, administrative claims, priority claims and debtor-in-possession financing claims will be paid in full in cash.

Holders of a pre-bankruptcy BP secured claim will receive proceeds from the sale of collateral.

Holders of other secured claims will be paid in full in cash or receive the collateral securing the claim.

Holders of general unsecured claims will receive periodic distributions of available cash from a liquidating trust.

Interests will be cancelled, and holders will receive no distribution.

Agera is a Briarcliff Manor, N.Y.-based retail energy supplier. The company filed bankruptcy on Oct. 3, 2019 under Chapter 11 case number 19-23802.

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