TPO Hess Holdings: Amended plan of liquidation effective as of Aug. 5

By Caroline Salls

Pittsburgh, Aug. 5 - TPO Hess Holdings, Inc.'s first amended plan of liquidation took effect on Monday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on July 24. The company also received court approval for the $19.26 million sale of substantially all of its assets to stalking horse bidder Bang Printing of Ohio, Inc. on that date.

Treatment of creditors under the plan of liquidation includes:

• Administrative expense claims, debtor-in-possession 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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