Former Orchard Supply liquidation plan complete, effective Feb. 24

By Kali Hays

New York, Feb. 24 - OSH 1 Liquidating Corp., formerly Orchard Supply Hardware Stores Corp., completed its Chapter 11 liquidation plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The effective date of the plan is Feb. 24, and it was confirmed Dec. 20.

The company has satisfied "all conditions set forth in the plan," the filing stated.

Under the liquidation plan:

• Holders of allowed administrative claims, allowed priority tax claims and allowed other priority claims will be paid in full in cash without interest;

• Holders of allowed senior secured term loan claims will receive a proportional share of any assets remaining after payment of other allowed secure claims, payment to the general unsecured creditors trust and funding of required reserves;

• Holders of allowed other secured claims will either receive payment in full in cash or the collateral securing the claim; and

• Holders of allowed general unsecured claims will receive a proportional share of the funds in the general unsecured claims trust.

Orchard Supply, a San Jose, Calif.-based hardware retailer, filed for bankruptcy on June 17, 2013. Its Chapter 11 case number is 13-11565.

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