Outer Harbor Terminal to distribute estate funds via liquidation plan

By Caroline Salls

Pittsburgh, Feb. 14 – Outer Harbor Terminal, LLC filed its plan of liquidation and related disclosure statement Monday with the U.S. Bankruptcy Court for the District of Delaware.

A plan administrator will be appointed on the effective date to carry out the provisions of the plan.

Under the plan, administrative expense claims, priority tax claims, debtor-in-possession financing claims, other secured claims and priority non-tax claims will be paid in full in cash.

The City of Oakland’s Board of Port Commissioners will receive $1.00 in full satisfaction and settlement of its claim.

Holders of general unsecured claims will receive a share of the remaining cash of the estate after the priority, administrative, other secured DIP financing and Port claims are paid in full.

Affiliate claims will be waived and will be cancelled with no recovery for holders.

Holders of equity interests will receive no distribution.

Based in Oakland, Calif., Outer Harbor is a provider of container terminal operation and stevedore services at the Port of Oakland. The company filed for bankruptcy on Feb. 1, 2016 under Chapter 11 case number 16-10283.

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