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Former GenCanna disclosure statement approved; plan hearing Oct. 28
By Caroline Salls
Pittsburgh, Sept. 1 – OGGUSA, Inc., formerly GenCanna Global USA, Inc., received court approval of the disclosure statement for its plan of liquidation, according to an order filed Monday with the U.S. Bankruptcy Court for the Eastern District of Kentucky.
The plan confirmation hearing is scheduled for Oct. 28.
The disclosure statement order set a deadline for the official committee of unsecured creditors appointed for the case to deliver any plan position statement to the company by noon ET on Sept. 16. If disputed items remain after OGGUSA proposes revisions based on the committee’ statement, competing language must be filed with the court by 8 a.m. ET on Sept. 21 for consideration at a status conference scheduled for that day.
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.
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, 2020 under Chapter 11 case number 20-50133.
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