E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 9/28/2016 in the Prospect News Distressed Debt Daily.

Former Associated Wholesalers’ plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, Sept. 28 – The plan of liquidation of ADI Liquidation, Inc., formerly Associated Wholesalers, Inc., was accepted by a majority of voting creditors, including unanimous acceptance by two of four voting classes, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan was accepted by all 167 holders of $10.12 million of vendor claims against the Associated Wholesaler debtors and all 101 holders of $10.38 million of claims against the White Rose, Inc. debtors.

In addition, 186 holders, or 98.41% in number, of $24.92 million, or 99.92% in amount, of general unsecured claims against the Associated Wholesaler debtors voted to accept the plan, while three holders, or 1.59% in number, of $20,587, or 0.08% in amount, of those claims voted to reject it.

Also, 53 holders, or 98.15% in number, of $22.11 million, or 99.999% in amount, of general unsecured claims against the White Rose debtors voted to accept the plan, while one holder, or 1.85% in number, of $152, or 0.0001% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Friday.

Associated Wholesalers is a cooperative food distributor and equipment retailer based in Robesonia, Pa., that filed for bankruptcy on Sept. 9, 2014. The Chapter 11 case number is 14-12092.


© 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.