Former GenCanna files plan of liquidation; statement hearing Aug. 20

By Caroline Salls

Pittsburgh, Aug. 7 – OGGUSA, Inc., formerly GenCanna Global USA, Inc., filed a plan of liquidation and related disclosure statement Thursday with the U.S. Bankruptcy Court for the Eastern District of Kentucky.

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

Secured claims will be paid in full in cash or holders will receive the collateral securing the claims or the proceeds from the sale of that collateral.

In accordance with the terms of a settlement agreement, the holders of MGG subordinated claims will be deemed to receive a trust ratable share of beneficial interests, provided that those interests will be turned over to holders of general unsecured claims as a result of subordination.

Holders of unsecured claims will receive beneficial interests in the wind-down trust to be established under the plan.

Holders of existing interests, intercompany claims and section 510(b) claims will receive no distribution.

The disclosure statement hearing is scheduled for Aug. 20.

Winchester, Ky.-based GenCanna is a vertically integrated agriculture-technology company specializing in the production of hemp rich in CBD. The company filed bankruptcy on Feb. 6 under Chapter 11 case number 20-50133.

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