Hussey Copper's amended plan of liquidation confirmed by court

By Jim Witters

Wilmington, Del., Sept. 6 - Hussey Copper Corp.'s liquidation plan was confirmed without a hearing on Sept. 6 after no one raised an objection, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

Hussey Copper filed an amended Chapter 11 plan and associated disclosure statement on July 10. The disclosure statement was approved on July 20.

On Sept. 4, the company handling ballot tabulations certified that the plan was accepted by a majority of voting creditors and was unanimously accepted by voting creditors in nine classes.

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.

Creditor treatment

Treatment of creditors under the confirmed amended plan includes:

• 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 claims will be deemed withdrawn;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.

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