Prime Trust’s Chapter 11 plan confirmed by bankruptcy court

By Sarah Lizee

Olympia, Wash., Dec. 22 – Prime Trust, LLC received confirmation of its Chapter 11 plan from the U.S. Bankruptcy Court for the District of Delaware, according to an order filed Thursday.

Distributions under the plan will be funded with wind-down debtor assets.

Secured tax claims, other secured claims and other priority claims are unimpaired by the plan.

Holders of Prime Core, Prime Trust, Prime IRA and Prime Digital general unsecured claims will receive their pro rata share of cash and crypto following the satisfaction of debtor-in-possession facility claims.

Holders of convenience claims will receive cash in an amount equal to 70% of their claims, to be paid from wind-down debtor assets.

Holders of section 510(b) claims will receive nothing under the plan.

Intercompany claims will be either reinstated or converted to equity, otherwise set off, settled, distributed, contributed, canceled or released.

Intercompany interests will be either reinstated or set off, settled, addressed, distributed, contributed, merged or canceled.

Existing equity will be extinguished with no distribution.

The Las Vegas-based cryptocurrency custodian filed bankruptcy on Aug. 14 under Chapter 11 case number 23-11161.

© 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.