Court approves liquidating trust agreement for Insilco

By Jeff Pines

Washington, Aug. 31 - The U.S. Bankruptcy Court for the District of Delaware approved a liquidating trust agreement for Insilco Technologies Inc.

The order was filed with the court Monday.

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

The trust will have two series, one for unsecured creditors and one for senior secured creditors.

Chad Shandler of Traxi LLC will be the trustee for the unsecured creditor series, and Robert Troisio of BTB Associates LLC will be the trustee for the senior secured creditors' series.

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

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