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Otter Tail Ag announces liquidation plan effective date of Aug. 29
By Jim Witters
Wilmington, Del., Sept. 1 - Otter Tail Ag Enterprises LLC's liquidation plan became effective on Aug. 29, according to documents filed Thursday in the U.S. Bankruptcy Court for the District of Minnesota.
Otter Tail's plan of liquidation was filed in April and confirmed Aug. 12. The company's disclosure statement was approved in June.
After payment of lender claims and sale expenses and a settlement payment, the company said it would have $2.5 million remaining to fund the liquidation plan.
Treatment of creditors will include:
• Holders of administrative expense claims, professional claims and priority tax claims will be paid in full;
• Holders of general unsecured claims will receive a share of liquidation proceeds; and
• Equity interests will be cancelled, and holders will receive no distribution.
Otter Tail, a Fergus Falls, Minn., ethanol company, filed for bankruptcy on Oct. 30, 2009. Its Chapter 11 case number is 09-61250.
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