HyLife Foods unit Tritek receives confirmation of Chapter 11 plan

By Sarah Lizee

Olympia, Wash., Oct. 5 – HyLife Foods subsidiary Tritek International Inc. received confirmation of its Chapter 11 plan of liquidation on Thursday, according to a minute entry filed with the U.S. Bankruptcy Court for the District of Delaware.

Under the plan, holders of priority non-tax claims and other secured claims are expected to be paid in full.

Holders of prepetition loan claims will receive their pro rata share of sale distribution proceeds and other amounts. This is expected to lead to a recovery of about 29.8%. There are about $210.08 million of estimated prepetition loan claims.

Holders of general unsecured claims will receive their pro rata share of a GUC distribution pool, which is expected to result in a recovery of 11% to 14%.

Holders of intercompany claims and interests will not receive any distribution.

The company recently closed the sale of its assets to Premium Iowa Pork, LLC for $14 million. The company also closed the sale of feeder pigs and hogs to AgriSwine Alliance, Inc., and two real estate parcels of about 111 acres and a residential duplex to Compeer Financial PCA and Compeer Financial FLCA.

HyLife Foods is a pork processor based in La Broquerie, Man. U.S.-based subsidiary Tritek filed Chapter 11 bankruptcy on April 27 under case number 23-10520.

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