Trigeant wins conditional disclosure OK; confirmation hearing Jan. 7

By Caroline Salls

Pittsburgh, Oct. 30 – Trigeant Holdings, Ltd. received conditional court approval of the disclosure statement for its plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The plan confirmation and final disclosure statement approval hearing is scheduled for Jan. 7.

On Wednesday, the court denied a Sept. 16 request to forgo solicitation of votes on the plan because all creditors will receive payment.

Despite the Sept. 16 motion, Trigeant agreed on Sept. 23 to file a disclosure statement in order to solicit votes from holders of equity interest claims, according to an attorney familiar with the case.

The company said holders of equity claims are the last to be paid under the plan, with a recovery dependent on what is left of remaining funds.

Treatment of creditors under the proposed plan includes the following:

• Holders of allowed administrative expense claims, priority tax claims, priority claims and all debtor-in-possession loan claims will be paid in full in cash;

• The disputed claims of BTB Refining and Pdvsa will be paid in any amount allowed by the court from the disputed claims reserve;

• General unsecured claims and miscellaneous allowed secured claims will be paid in cash plus interest at the Prime rate and;

• Holders of equity interest claims will receive distribution from remaining reserve funds after all other allowed claims have been paid in full.

Requests related to cure claim filing and objection procedures and plan confirmation discovery were approved as part of Wednesday’s order.

Trigeant, a Boca Raton, Fla.-based petroleum company, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 14-29027.

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