Former Standard Register liquidation plan confirmed, disclosure OK’d

By Caroline Salls

Pittsburgh, Nov. 19 – SRC Liquidation Co., formerly Standard Register, obtained confirmation of its Chapter 11 plan of liquidation and approval of the related disclosure statement, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Standard Register received court approval in June of the $306.7 million sale of substantially all of its assets to Taylor Corp.

Treatment of creditors will include the following:

• Holders of second-lien secured claims will receive a share of beneficial interests in a secured creditor trust;

• Holders of “other” secured claims will receive the assets securing the claim or be paid in full in cash or have their claims reinstated;

• Priority claims will be paid in full in cash;

• Holders of general unsecured claims will receive a share of beneficial interests in a general unsecured creditor trust. Second-lien deficiency claims will be allowed as part of this class for voting purposes, but holders of those claims will receive no distribution;

• Holders of subordinated claims will receive no distribution; and

• Holders of equity interests will receive no distribution, provided, however, that holders of equity interests in any company subsidiary will be preserved solely for the benefit of holders of allowed claims.

Standard Register is a Dayton, Ohio-based provider of business documents and related services for the health care, financial services, commercial and industrial markets. The company filed for bankruptcy on March 12, 2015 under Chapter 11 case number 15-10541.

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