Hussey Copper files Chapter 11 plan, associated disclosure statement

By Jim Witters

Wilmington, Del., May 4 - Hussey Copper Corp. filed its Chapter 11 plan and associated disclosure statement on Friday with the U.S. Bankruptcy Court for the District of Delaware.

The plan provides for the treatment of creditors, the liquidation of remaining assets, the wind-down of the estates and the reorganization of the debtors.

No hearing has been scheduled for considering the adequacy of the disclosure statement or the plan confirmation.

Treatment of creditors

The proposed Chapter 11 plan calls for

• Holders of all administrative claims, priority tax claims and priority non-tax claims to be paid in full in cash;

• Holders of all secured claims to be paid in full in cash with the release of collateral securing the claim;

• General unsecured claims of Hussey Copper, HCL Liquidation Ltd. and Cougar Metals, Inc. to be paid in cash on the initial, subsequent and final distribution dates. No recovery estimate was included in the filing;

• General unsecured claims of OAP Real Estate, LLC and Orbie Trading, LP to be paid in cash on the initial, subsequent and final distribution dates, with 100% recovery;

• General unsecured claims of Hussey Exports Ltd. to receive no recovery;

• Pension Benefit Guaranty Corp. claims to be deemed withdrawn;

• Interests in Hussey Copper, HCL, Cougar and Hussey Exports to receive no recovery;

• Interests in OAP to be retained subsequent to the effective date subject to the payment of all allowed claims against OAP plus interest;

• The funding of the termination amount of the Ullrich plan regarding the PBGC claims and the transfer of $250,000 to HCL; and

• Interests in Orbie Trading to be retained subsequent to the effective date, subject to the payment of all allowed claims against Orbie, plus interest and the funding of $50,000 to the estate of Hussey Copper or HCL.

Hussey, a Leetsdale, Pa.-based copper products manufacturer, filed for bankruptcy on Sept. 27, 2011. Its Chapter 11 case number is 11-13010.

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