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Epic disclosure statement approved; plan hearing slated for April 1
By Caroline Salls
Pittsburgh, Feb. 19 – Epic Cos., LLC obtained conditional approval of the disclosure statement for its Chapter 11 plan of liquidation, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.
The plan confirmation and final disclosure statement approval hearing is scheduled for April 1.
According to the disclosure statement, the purpose of the plan is to distribute reserved amounts to the holders of administrative, secured and priority claims and to create a liquidating trust for the benefit of general unsecured creditors.
The trust will be assigned retained causes of action and liquidating trust assets.
Other secured claims will be paid in full in cash or holders will receive the collateral securing the claims.
Priority claims will be paid in full in cash.
Holders of pre-bankruptcy senior credit agreement claims received their collateral included in the sale of Epic’s assets in exchange for a credit bid and following resolution of a challenge will receive any collateral proceeds that were not part of the sale.
Subject to recharacterization or subordination by a claims challenge, holders of junior credit agreement claims will receive any collateral proceeds not sold following payment in full of senior credit agreement claims.
Holders of general unsecured claims will receive a share of liquidating trust cash.
Interest holders are deemed to have rejected the plan.
Epic is a Houston-based full-service provider to the global decommissioning, installation and maintenance markets. The company filed bankruptcy on Aug. 26 under Chapter 11 case number 19-34752.
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