Former Techniplas files liquidation plan; statement hearing July 23

By Caroline Salls

Pittsburgh, July 10 – TP RemainCo, LLC, formerly Techniplas, LLC, filed a plan of liquidation and related disclosure statement Thursday in the U.S. Bankruptcy Court for the District of Delaware.

The company said the central component of the plan is the establishment of a liquidating trust to liquidate assets including a settlement general unsecured creditor cash pot and causes of action, as well as to make distributions to creditors.

Under the plan, administrative claims, priority tax claims and priority claims will be paid in full in cash.

Holders of other secured claims will receive the proceeds from the sale of the collateral securing the claims, will receive the collateral securing the claims or will be paid in cash.

Holders of pre-bankruptcy noteholder deficiency claims will receive noteholder beneficial interests and liquidating trust distributions.

Holders of general unsecured claims will receive GUC beneficial interests and liquidating trust distributions.

Holders of equity interests will receive no distribution.

A hearing on approval of the disclosure statement is scheduled for July 23.

Techniplas is a Nashotah, Wis.-based plastics manufacturer. The company filed bankruptcy on April 6 under Chapter 11 case number 20-11049.

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