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Former GenCanna plan accepted by two of three voting creditor classes
By Sarah Lizee
Olympia, Wash., Nov. 5 – OGGUSA, Inc.’s, formerly GenCanna Global USA, Inc., second amended joint plan of liquidation has been accepted by two of three voting creditor classes, according to a ballot report filed Wednesday in the U.S. Bankruptcy Court for the Eastern District of Kentucky.
Specifically, eight holders, or 88.89% in number, of $25,692,163.65, or 100% in amount, of other secured claims voted to accept the plan, while one holder, or 11.11% in number, of $6.44, or 0% in amount, voted to reject the plan.
The one holder of the $27,016,182.27 MGG subordinated claim voted to accept the plan.
Meanwhile, 44 holders, or 77.19% in number, of $52,371,463.68, or 58.83% in amount, of general unsecured claims voted to accept the plan, while 13 holders, or 22.81% in number, of $36,648,990.77, or 41.17% in amount, voted to reject it.
Under the plan, holders of other priority claims will receive payment in full in cash.
Holders of other secured claims will receive payment in full in cash, the collateral securing their claims, or, in the event that the debtors sell the property encumbered by the liens securing the allowed claims, the net proceeds of the sale until the claims are paid in full.
The holder of the MGG subordinated claim will receive their ratable share of subordinated beneficial interests.
Holders of general unsecured claims will receive their ratable share of senior beneficial interests in the wind-down trust.
Holders of intercompany claims will receive no distribution.
Interests and section 510(b) claims and will be canceled with 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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