Insilco seeks OK on liquidating trust agreement, trustees

By Jeff Pines

Washington, Aug. 9 - Insilco Technologies Inc. asked the U.S. Bankruptcy Court for the District of Delaware Friday to approve its liquidating trust agreement.

The company's reorganization plan, which was approved June 10, called for the creation of a liquidating trust. A liquidating trust agreement was supposed to be filed five days before the confirmation hearing, but the company was unable to come to terms with its committee of unsecured creditors on the final form of the agreement, Insilco said.

It described the proposal as a "fairly straightforward liquidating trust agreement." The trust would have two series - one for unsecured creditors and one for senior secured creditors.

The motion calls for Chad Shandler of Traxi LLC to be the trustee for the unsecured creditor series and for Robert Troisio of BTB Associates LLC to be the trustee for the senior secured creditors' series.

An Aug. 19 hearing is scheduled.

Insilco filed for bankruptcy on Dec. 16, 2002. Insilco's Chapter 11 case number is 02-13672.

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