Copia: The American Center for Wine, Food and the Arts' files plan

By Caroline Salls

Pittsburgh, July 17 - Copia: The American Center for Wine, Food and the Arts has agreed on the terms of a joint plan of liquidation with the insurer of its California Infrastructure and Economic Development Bank refunding revenue bonds, according to a bondholder notice released Friday.

The disclosure statement for the plan was approved by the U.S. Bankruptcy Court for the Northern District of California on July 7.

The voting deadline is Aug. 7.

Under the proposed joint plan, the property securing the revenue bonds will be transferred to a new entity, which would hold the property in a trust. The property would still be subject to bondholders' security interests.

Following the transfer, bond trustee the Bank of New York Mellon said the plan trust will attempt to sell or lease the security property for the benefit on the bondholders.

According to the notice, the insurer originally filed a competing plan in Copia's bankruptcy case.

Copia filed for bankruptcy on Dec. 1, 2008. Its Chapter 11 case number is 08-12576.

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