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Sheehan Pipe Line disclosure statement approved; plan hearing Dec. 6
By Caroline Salls
Pittsburgh, Oct. 21 – Sheehan Pipe Line Construction Co. obtained court approval of the disclosure statement for its third amended plan of liquidation, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Oklahoma.
The plan confirmation hearing is scheduled for Dec. 6.
As previously reported, all of the company’s assets, including cash and claims, will be transferred to a liquidating trust to be administered after the plan is confirmed.
Sheehan said Joseph Myers of EisnerAmper, LLP will serve as liquidating trustee.
A Zurich secured claim will be treated in accordance with a settlement under which Zurich will receive $13 million in cash from sale proceeds, the assignment of bonded projects, contracts and project rights and 60% of Sheehan’s profit sharing from a public auction.
Holders of general unsecured claims, collaterally funded claims and rejection damages claims will receive distributions from the liquidating trust.
The company said existing partnership interests will not be extinguished under the plan, but holders will receive nothing unless all other allowed claims are paid in full.
Sheehan, a Tulsa, Okla.-based pipeline construction company, filed for bankruptcy on April 15, 2016. The Chapter 11 case number is 16-10678.
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