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Ritchie hedge funds provide claims estimates in amended liquidation plans
By Jennifer Lanning Drey
Portland, Ore., July 29 - Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-linked Strategies Trading (Ireland) II, Ltd. filed amended plans of liquidation and a related amended joint disclosure statement that provide updated claims estimates Monday with the U.S. Bankruptcy Court for the Southern District of New York.
The disclosure statement estimates Ritchie I administrative claims of $1.225 million and Ritchie II administrative claims of $1 million.
Additionally, the amended disclosure statement estimates the Ritchie I bank claim at $68 million and Ritchie I general unsecured claims at $236 million.
The company's prior disclosure statement did not provide claims estimates.
As previously reported, each of the Ritchie hedge funds will liquidate its remaining assets and distribute proceeds to creditors under its plan of liquidation.
Creditor treatment
Treatment of creditors under the plans will include:
• Holders of $1.225 million of Ritchie I administrative claims and $1 million of Ritchie II administrative claims will recover 100% in cash;
• The holder of the about $68 million Ritchie I bank claim will receive residual cash, as well as net litigation proceeds, for an unknown recovery;
• Holders of $236 million of Ritchie I general unsecured claims will receive their share of net litigation proceeds after administrative claims and the bank claim have been paid in full;
• Holders of Ritchie II general unsecured claims will receive their share of Ritchie II residual cash, as well as a share of Ritchie II net litigation proceeds; and
• Holders of Ritchie I and Ritchie II equity interests will receive no distribution.
Ritchie Capital Management's two Ireland-based hedge funds filed for bankruptcy on June 20, 2007. Their Chapter 11 case number is 07-11906.
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