Hussey Copper Chapter 11 plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Sept. 4 - Hussey Copper Corp.'s Chapter 11 plan was accepted by a majority of voting creditors and was unanimously accepted by voting creditors in nine classes, according to a Sept. 4 filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the plan was accepted by both holders of a total of $134,899 in general unsecured claims against the Cougar Metals, Inc. debtor as well as all eight holders of $1 million in Pension Benefit Guaranty claims against six Hussey Copper debtors.

Holders of interests in the OAP Real Estate, LLC and Orbie Trading, LP debtors also unanimously accepted the plan.

A total of 56 holders, or 88.89% in number, of $777,417, or 93.93% in amount, of general unsecured claims against the Hussey Copper Corp. debtor voted to accept the plan, while seven holders, or 11.11% in number, of $50,272, or 6.07% in amount, of these claims voted to reject it.

In addition, 174 holders, or 98.86% in number, of $16.18 million, or 99.89% in amount, of general unsecured claims against the HCL Liquidation Ltd. debtor voted to accept the plan, while two holders, or 1.14% in number, of $17,039, or 0.11% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Sept. 6.

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

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