Global Asset Rental liquidating trustee eyes decree closing case

By Sarah Lizee

Olympia, Wash., Dec. 8 – Global Asset Rental, LLC liquidation trustee Soneet R. Kapila asked the U.S. Bankruptcy Court for the Middle District of Florida for a final decree closing the company’s Chapter 11 case, according to a motion filed Tuesday.

Kapila said the case has been fully administered.

The plan was confirmed on Jan. 29, as previously reported.

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

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

White Oak’s secured claim was satisfied through the sale.

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

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

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

Holders of allowed unsecured claims, including any allowed deficiency claims, received 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 was the full amount of each claim, without interest.

Equity interests were 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, 2020 under Chapter 11 case number 20-04126.

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