Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Cadence Innovation LLC > News item |
Cadence Innovation amended liquidation plan effective at Dec. 15
By Caroline Salls
Pittsburgh, Dec. 16 - Cadence Innovation LLC's liquidation plan took effect on Dec. 15, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.
The plan was confirmed on Aug. 17.
Treatment of creditors includes the following:
• Administrative claims, priority tax claims and priority non-tax claims will be paid in full in cash;
• Holders of miscellaneous secured claims will receive either cash equal to the lesser of the amount of the claim or the value of the property securing the claim or receive the property securing the claim;
• Holders of general unsecured claims will receive a share of cash remaining after payment of administrative, priority and miscellaneous secured claims; and
• Holders of equity interests will receive no distribution, and the interests will be canceled.
Cadence, a Troy, Mich.-based auto parts supplier, filed for bankruptcy on Aug. 26, 2008. Its Chapter 11 case number is 08-11973.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.