TPO Hess asset sale and disclosure statement approved, plan confirmed

By Jim Witters

Wilmington, Del., July 24 - TPO Hess Holdings, Inc. received approval for the $19.26 million sale of substantially all of its assets and confirmation of its pre-packaged plan of liquidation during a July 24 hearing in the U.S. Bankruptcy Court for the District of Delaware.

The sale, the plan and the associated disclosure statement were unopposed.

Stalking horse Bang Printing of Ohio, Inc., was named the successful bidder when no other qualified bids materialized. The final purchase price is subject to adjustments in working capital.

The plan received 100% support from the only voting class, which was the second-lien noteholders.

Creditor treatment

Treatment of creditors under the plan of liquidation includes:

• Administrative expense claims, DIP financing claims, first-lien facility claims, priority tax claims and priority claims will be paid in full in cash;

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

• Holders of second-lien note claims will receive a share of $1.5 million and any cash remaining after payment of all other claims and reserves;

• Holders of general unsecured claims will receive a share of any cash remaining after payment of other claims; and

• Holders of interests and intercompany claims will receive no distribution.

TPO Hess, a Kent, Ohio-based printer, filed for bankruptcy on May 22. Its Chapter 11 case number is 13-11327.

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