Please Touch Museum amended plan of reorganization confirmed by court

By Caroline Salls

Pittsburgh, March 16 – Please Touch Museum’s amended plan of reorganization was confirmed Wednesday by the U.S. Bankruptcy Court for the Eastern District of Pennsylvania.

Under the plan, administrative claims, priority tax claims, priority claims and city parking tax claims will be paid in full in cash.

Holders of member claims will receive access and all rights to the museum to which their membership entitles them.

In accordance with a settlement term sheet, the museum is required to make two payments totaling $8.25 million to the indenture trustee on account of the bonds, including $2.5 million that was paid upon execution of the term sheet and $5.75 million on the plan effective date.

Holders of other secured claims will have their claims reinstated or paid in full or receive the property securing the claim, at the museum’s option.

Holders of general unsecured claims will be paid in full in cash over a two-year period with 4% interest beginning on the plan effective date or, at the creditor’s election, be paid 90% of the claim on the later of the effective date and the date the claim is allowed.

Interest holders will receive no distribution.

Please Touch, a Philadelphia museum, filed for bankruptcy on Sept. 11, 2015. The Chapter 11 case number is 15-16558.

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