Express Grain’s liquidation plan draws objection from U.S. trustee

By Sarah Lizee

Olympia, Wash., March 7 – Express Grain Terminals, LLC’s amended Chapter 11 plan of liquidation drew an objection from Region 5 U.S. trustee David W. Asbach, according to documents filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Mississippi.

The U.S. trustee said the debtors are late in filing their monthly operating reports, and they currently owe $1,797.00 in U.S. trustee fees. Asbach said that amount should either be paid at confirmation or when the plan becomes effective.

The U.S. trustee also said the provisions in the injunction section of the plan are overly broad.

In addition, he objects to the “invalidation of liens” section, pertaining to the confirmed plan discharging the debtor from all claims arising prior to confirmation. Since the plan is a liquidating plan, the debtor isn’t entitled to discharge, Asbach stated.

Greenwood, Miss.-based Express Grain Terminals is an agricultural processing and marketing company. It filed bankruptcy on Sept. 29, 2021 under Chapter 11 case number 21-11832.

© 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.