Former High Ridge Brands, creditors committee file liquidation plan

By Caroline Salls

Pittsburgh, July 29 – HRB Winddown, Inc., formerly High Ridge Brands Co., and its official committee of unsecured creditors filed a joint plan of liquidation and related disclosure statement on Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Priority non-tax claims will be paid in full in cash.

Holders of other secured claims will receive the collateral securing the claims or be paid in full in cash.

Holders of pre-bankruptcy first-lien claims will receive a share of distributions made on account of non-liquidating trust debtor assets, including sales proceeds, cash after funding of a professional fee escrow account, disputed claims reserve, general unsecured claim reserve, plan administrator operating reserve and indenture trustee fee reserve. However, the plan states that first-lien creditors will only receive 38% of net federal tax refunds, with the balance to be distributed to a liquidating trust.

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

Holders of unsecured notes claims will receive a share of liquidating trust debtor assets, other than the GUC cash distribution amount.

Holders of interests and intercompany claims will receive no distribution.

A hearing on interim approval of the disclosure statement and plan for solicitation purposes is scheduled for Aug. 18.

High Ridge is a Stamford, Conn.-based personal care products company. The company filed bankruptcy on Dec. 18, 2019 under Chapter 11 case number 19-12689.

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