Hussey Copper's disclosure statement approved; plan hearing Sept. 6

By Lisa Kerner

Charlotte, N.C., July 20 - Hussey Copper Corp.'s disclosure statement was approved, according to documents filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Sept. 6.

As previously reported, Hussey Copper filed an amended Chapter 11 plan and associated disclosure statement on July 10.

The amended plan calls for the wind-down and liquidation of each of the Hussey Copper debtors. Under the original plan, the OAP Real Estate, LLC and Orbie Trading, LP debtors were scheduled to be reorganized instead of liquidated.

Also, interest holders will be allowed to vote on the amended plan as well as specified creditors.

Creditor treatment

Treatment of creditors under the amended plan will include the following:

• Holders of all administrative claims, priority tax claims and priority non-tax claims will be paid in full in cash;

• Holders of all secured claims will be paid in full in cash or receive the collateral securing the claims;

• Holders of general unsecured claims will receive cash payments on initial, subsequent and final distribution dates for various recovery percentages;

• Pension Benefit Guaranty Corp. claims will be deemed withdrawn;

• Holders of interests in the Hussey Copper, HCL Liquidation, which was formerly Hussey Copper, Cougar Metals and Hussey Exports debtors will receive no recovery;

• Interests in OAP will be canceled. Holders will receive any cash remaining after payment of allowed claims against OAP with interest, a termination and termination reserve amount and payment of $300,000 to HCL Liquidation; and

• Interests in Orbie will be canceled. Holders will receive any cash remaining after payment of allowed claims against Orbie with interest, a termination and termination reserve amount and payment of $75,000 to the estate of Hussey Copper or HCL.

Hussey, a Leetsdale, Pa.-based copper products manufacturer, filed for bankruptcy on Sept. 27, 2011. Its Chapter 11 case number is 11-13010.

© 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.