Former Orchids Paper Products plan of liquidation confirmed by court

By Caroline Salls

Pittsburgh, Feb. 25 – OPP Liquidating Co., Inc., formerly Orchids Paper Products Co., obtained confirmation of its second amended plan of liquidation, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Under the plan, liquidating trust assets will be comprised of the $825,000 Orchids investment settlement payment, estate claims and liquidating trust funding.

The liquidating trust assets will be the source of distributions to holders of general unsecured claims and, if applicable, holders of equity interests.

Holders of first-lien claims, other secured claims and priority claims are given 100% estimated recovery.

Holders of general unsecured claims will receive a pro rata distribution from any remaining amounts of the investment settlement payment.

Holders of equity interests will receive a distribution from any remaining liquidating trust assets or the proceeds thereof only after all allowed general unsecured claims are paid in full.

Orchids, a Brentwood, Tenn.-based maker of consumer tissue products, filed for bankruptcy on April 1, 2019. The Chapter 11 case number is 19-10729.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.