Global Asset Rental statement conditionally OK’d; hearing Jan. 20

By Sarah Lizee

Olympia, Wash., Dec. 11 – Global Asset Rental, LLC’s disclosure statement for its Chapter 11 plan of liquidation was conditionally approved Friday in the U.S. Bankruptcy Court for the Middle District of Florida.

A combined hearing on final approval of the statement and confirmation of the plan is scheduled for Jan. 20.

The company sold all of its assets to secured creditor White Oak Global Advisors, LLC’s designee, International Keg, LLC, as previously reported. The proceeds, along with those from a settlement consideration reached with White Oak, will be used for plan distributions.

Under the plan, administrative, priority and priority tax claims will be paid in full in cash.

White Oak’s secured claim has been satisfied through the sale.

Any other valid secured claims and allowed tax claims secured by valid senior tax liens will be unimpaired in that the legal, equitable and contractual rights in respect to the liens will be unaltered, and holders will be entitled to pursue any rights and remedies relating to those liens.

However, to the extent that the court finds that any of those claims are determined not to be secured by valid liens, then those claims will not be included in their respective class. In this case, holders of other secured claims would have deficiency claims that would be included in class 5.

Retention of title claims will be satisfied in full through a final adjudication by the court. In the event any of these claims are not satisfied in full, holders will have deficiency claims that will be included in class 5.

Holders of allowed unsecured claims, including any allowed deficiency claims, will receive distributions determined by the liquidating trustee after accounting for any liquidating trust reserves, on a pro rata basis. The maximum distributions to holders of allowed unsecured claims will be the full amount of each claim, without interest.

Equity interests will be canceled with no distribution.

Global Asset is an Orlando, Fla., beer industry asset rental and reverse logistics company. The company filed bankruptcy on July 23 under Chapter 11 case number 20-04126.

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