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PSL-North America amended plan of liquidation effective as of April 8
By Caroline Salls
Pittsburgh, April 11 – PSL-North America LLC’s first amended Chapter 11 joint plan of liquidation took effect on April 8, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
The plan was confirmed on Jan. 12.
Creditor treatment under the plan includes:
• Holders of administrative expense claims will be paid in full;
• Holders of priority tax claims will be paid in full;
• Holders of priority non-tax claims will be paid in full;
• Holders of SCB secured claims will be paid in full after the initial distribution date and after reserving for projected liquidating trustee expenses and for fees arising under the Bankruptcy Code;
• Holders of general unsecured claims will be paid a share of a liquidating trust fund after the initial distribution date; and
• Holders of equity interests will neither receive nor retain any property under the plan.
Bay St. Louis, Miss.-based PSL-North America is a subsidiary of PSL Ltd., a Daman, India, pipe manufacturer. The company filed for bankruptcy on June 16, 2014 under Chapter 11 case number 14-11477.
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