Hollister Construction disclosure statement hearing moved to Jan. 14

By Sarah Lizee

Olympia, Wash., Dec. 4 – Hollister Construction Services, LLC’s hearing on approval of its disclosure statement was adjourned to Jan. 14 from Dec. 3, according to a minute entry filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, under the plan, pre-petition secured lender claims will be paid in cash equal to the outstanding amount under the PNC line of credit note and PNC term loan note plus outstanding interest.

Holders of priority claims will be paid in full in cash through two equal payments.

Arch claims will be paid in cash.

Holders of allowed general unsecured claims will receive their pro rata share of the cash to be distributed by the debtor or the liquidation trust, after payment of administrative claims, allowed professional fee claims, allowed priority claims and other allowed claims.

Holders of interests in the debtor will receive no distributions and the interest will be canceled.

Hollister is a Parsippany, N.J.-based construction company. The company filed bankruptcy on Sept. 11, 2019 under Chapter 11 case number 19-27439.

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