Former Thompson Publishing' disclosure statement gets OK from court

By Lisa Kerner

Charlotte, N.C., March 29 - TPH Seller, Inc., formerly Thompson Publishing Holding Co., Inc., had its first amended plan of liquidation approved, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

A plan confirmation hearing is set for May 11.

As previously reported, a liquidating trustee will be established under the plan to liquidate the company's remaining assets and distribute the proceeds to creditors.

Treatment of creditors will include:

• Secured claims were either previously paid by the company or assumed under its asset purchase agreement and deemed paid in full;

• Priority claims were assumed under the asset sale and are deemed to be paid in full;

• Holders of general unsecured claims will receive a share of a net creditor payment fund after all administrative and professional fee claims are paid in full or otherwise resolved;

• Holders of first-lien secured party deficiency claims will receive a share of available cash after all administrative and professional fee claims are paid in full or otherwise resolved; and

• Holders of interests and second-lien claimant deficiency claims will receive no distribution.

Thompson, a Tampa, Fla., publishing company, filed for bankruptcy on Sept. 21. Its Chapter 11 case number is 10-13070.

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