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Matchbox Food Group files liquidation plan and disclosure statement
By Sarah Lizee
Olympia, Wash., Dec. 21 – Matchbox Food Group, LLC filed a Chapter 11 plan of liquidation and related disclosure statement on Monday with the U.S. Bankruptcy Court for the District of Maryland.
The plan contemplates the substantive consolidation of the debtors and the distribution of the proceeds from the sale of the debtors’ assets to Thompson Hospitality Corp. Matchbox entered into an agreement with Thompson Hospitality for a one-time payment of $11.55 million, subject to adjustment. Additionally, the purchaser agreed to pay a consulting fee in the amount of $550,000 at closing.
Holders of administrative expense claims, priority tax claims and non-tax priority claims will be paid in full in cash.
Holders of PIT Group claims will receive their pro rata share of the sale proceeds after the payment of allowed administrative, priority and U.S. trustee fees incurred as part of the sale. To the extent a holder is not paid in full from the sale proceeds, they will have an allowed class 3 general unsecured claim without further action by the holder.
Holders of general unsecured claims will receive their pro rata share of the consulting fee after payment of allowed administrative, priority and U.S. trustee fees, and their pro rata share of any other assets of the debtors other than the sale proceeds.
Holders of interests will be entitled to keep their respective equity interests in the debtors but will receive no distributions of any kind from the estates.
Matchbox is a Reston, Va.-based restaurant operator. The company filed Chapter 11 bankruptcy on Aug. 3 under case number 20-17250.
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