Picture People’s second amended joint plan of liquidation confirmed

By Caroline Salls

Pittsburgh, Jan. April 20 – TPP Acquisition, Inc., which does business as the Picture People, secured confirmation of the second amended joint plan of liquidation filed by the company and its official committee of unsecured creditors, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

Under the plan, the company’s remaining assets, consisting primarily of various causes of actions, will be transferred to a liquidation trust. The liquidation trustee will oversee the liquidation of the remaining assets, including the litigation of causes of action.

The net proceeds generated by the liquidation of the assets will be distributed to creditors under the plan.

Administrative claims, priority tax claims, priority non-tax claims and secured claims will be paid in full.

Estate assets that remain after satisfaction of those claims and the costs and expenses incurred by the liquidation trustee and/or trust will be distributed to the holders of general unsecured claims.

Holders of interests will not receive any distribution under the plan, and all interests in TPP will be canceled and extinguished.

Picture People is an operator of professional portrait studios. The company filed for bankruptcy on Sept. 2, 2016 under Chapter 11 case number 16-33437.

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