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iGPS files liquidation plan following sale to iGPS Logistics venture
By Jim Witters
Wilmington, Del., Aug. 27 - iGPS Co. LLC filed a Chapter 11 plan of liquidation and associated disclosure statement on Aug. 27 with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the company closed the sale of substantially all of its assets to iGPS Logistics LLC, a joint venture formed by Balmoral Funds, One Equity Partners, some of their affiliates and Jeff and Robert Liebesman on Aug. 2.
The Balmoral group paid $2.5 million cash, waived more than $150 million of senior secured claims and assumed certain prepetition payables and employee liabilities, the debtor-in-possession financing claims and some administrative and priority claims.
The proposed plan calls for the formation of a liquidation trust, which will liquidate the remaining assets and distribute the proceeds to creditors. The liquidation trustee will then wind down the estate.
The plan calls for the following:
• Holders of allowed priority claims and allowed non-lender secured claims to be paid in full;
• Holders of allowed unsecured claims to receive a proportional share of the available proceeds; and
• Holders of allowed equity interests to receive no recovery.
A hearing for approval of the disclosure statement is scheduled for 2 p.m. ET on Oct. 1.
iGPS, an Orlando-based operator and owner of a global pallet rental pool with embedded RFID tags, filed for bankruptcy on June 4 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-11459.
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