MacKeyser Holdings joint plan of liquidation effective as of Feb. 27

By Caroline Salls

Pittsburgh, March 2 – MacKeyser Holdings, LLC’s joint Chapter 11 plan of liquidation took effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on Feb. 2.

Under approved settlement agreements with its official committee of unsecured creditors and lenders, Health Evolution Partners Fund I, LP, Health Evolution Partners Co-Invest, LLC, Essilor of America, Inc. and Essilor Laboratories of America, Inc, a liquidating trust will be created on the plan effective date which will be assigned all rights, causes of action, remaining cash and assets of the estate.

The proceeds held by the trust will be used first to pay allowed administrative claims and then to pay all remaining DIP obligations.

Treatment creditors under the plan will include the following:

• Holders of DIP facility claims, general unsecured claims and a Health Evolution pre-bankruptcy secured claim will receive liquidating trust proceeds;

• Administrative claims will be paid in full in cash;

• Holders of priority tax claims and priority non-tax claims will receive deferred cash payments over a period of no more than five years, plus interest from the effective date through the payment date;

• Holders of miscellaneous secured claims will either be paid in full in cash, receive the collateral securing the claim or receive another treatment that renders the claim unimpaired; and

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

Las Vegas-based MacKeyser Holdings and operating affiliates American Optical Services, LLC and Exela Hearing Services, LLC manage integrated eye care and hearing systems providers. The company filed for bankruptcy on June 20, 2014 under Chapter 11 case number 14-11550.

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