Nuvectra second amended liquidation plan deemed effective as of June 2

By Caroline Salls

Pittsburgh, June 3 – Nuvectra Corp.’s second amended plan of liquidation took effect on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the Eastern District of Texas.

The plan was confirmed on May 21.

The company’s cash on hand, asset sale proceeds and any other cash received or generated by Nuvectra or the plan administrator will be used to fund the distributions to holders of allowed claims.

Under the plan, holders of priority claims will be paid in full in cash.

Holders of secured parties’ claims will have the collateral securing the claims returned to them. The collateral of creditors that choose not to elect to have the property returned to them will vest in a liquidating trust.

Other secured claims will be reinstated, or holders will be paid in full in cash or receive the collateral securing the claim.

Holders of general unsecured claims will receive a share of a GUC recovery distribution.

All equity interests will be canceled.

Nuvectra is a Plano, Tex.-based neurostimulation company. The company filed bankruptcy on Nov. 12, 2019 under Chapter 11 case number 19-43090.

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