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VeraSun Energy out of bankruptcy as plan of liquidation takes effect
By Caroline Salls
Pittsburgh, Dec. 17 - VeraSun Energy Corp. emerged from Chapter 11 bankruptcy when its plan of liquidation took effect on Thursday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.
The plan was confirmed on Oct. 23.
As previously reported, under the liquidation plan all of VeraSun's remaining assets will be sold, all of its cash will be distributed to creditors, and the company will be wound down and eventually dissolved.
Treatment of creditors will include:
• Holders of pre-bankruptcy secured lender claims, pre-bankruptcy make-whole claims and other secured claims will receive a share of the proceeds from the sale of their collateral;
• Holders of non-tax priority claims will be paid in full in cash;
• Holders of lender deficiency claims, other deficiency claims, guaranty claims and general unsecured claims will receive a share of available cash; and
• Interest holders will receive no distribution.
VeraSun, based in Brookings, S.D., produces renewable fuel. The company filed for bankruptcy on Oct. 31, 2008. Its Chapter 11 case number is 08-12606.
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