Edwin Watts Golf Shops plan of liquidation effective as of Aug. 12

By Caroline Salls

Pittsburgh, Aug. 12 – Edwin Watts Golf Shops, LLC’s plan of liquidation took effect on Tuesday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on July 22.

As previously reported, the company said it received $40.47 million in net proceeds from its store-closing sales.

A plan administrator will collect and liquidate the company’s remaining assets.

Treatment of creditors will include the following:

• Secured noteholders will receive a share of a secured noteholder distribution in accordance with a proceeds-sharing agreement after payment in full of post-effective date claims incurred by the administrator, professional claims and priority non-tax claims;

• Holders of miscellaneous secured claims will receive either cash or the collateral securing the claims;

• Holders of priority non-tax claims will receive a share of plan assets remaining after payment in full of post-effective date claims, professional claims and miscellaneous secured claim;

• Holders of general unsecured claims will receive a share of the remaining plan assets in accordance with the proceeds-sharing agreement after all higher-priority claims are paid in full and the plan administrator’s expense reserve is funded; and

• Interests will be cancelled and extinguished, and holders will receive no distribution.

Edwin Watts Golf, a Fort Walton Beach, Fla.-based specialty golf retailer, filed for bankruptcy on Nov. 4, 2013. The Chapter 11 case number is 13-12876.

© 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.