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East Coast Brokers disclosure statement conditionally OK’d by court
By Mark Reccek
Bethlehem, Pa., Jan. 11 – East Coast Brokers & Packers, Inc.'s disclosure statement received conditional court approval, according to an order filed Friday with the U.S. Bankruptcy Court for the Middle District of Florida.
Final approval of the disclosure statement and the plan confirmation hearing is scheduled for Feb. 23.
Treatment of creditors will include:
• Internal Revenue Service, Commonwealth of Virginia, Department of Taxation and Florida Department of Revenue claims will be treated in accordance with settlement agreements;
• Holders of secured claims will be paid in full in cash or receive the collateral securing the claim;
• Priority claims will be paid in full in cash;
• Holders of general unsecured claims will receive a share of all of the company’s assets after specified payments are made, for a potential distribution of 8% to 12%; and
• Interest holders will receive no distribution.
Mulberry, Fla.-based former tomato grower-shipper East Coast Brokers & Packers filed bankruptcy on March 6, 2013 under Chapter 11 case number 13-02894.
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