East Coast Brokers and Packers plan of liquidation confirmed by court

By Caroline Salls

Pittsburgh, Feb. 25 – East Coast Brokers & Packers, Inc.’s plan of liquidation was confirmed Thursday by the U.S. Bankruptcy Court for the Middle District of Florida.

The court also approved the disclosure statement for the plan on a final basis.

As previously reported, the plan was proposed by East Coast Brokers’ Chapter 11 trustee Gerard A. McHale for the company’s estates.

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; 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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