Sundevil Power Holdings plan of liquidation effective as of Dec. 23

By Caroline Salls

Pittsburgh, Dec. 23 – Sundevil Power Holdings, LLC’s 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 Dec. 22.

As previously reported, the plan calls for the liquidation of the company’s remaining assets and distribution of the proceeds to creditors.

Administrative expense claims, professional compensation claims, priority tax claims, other priority claims and secured tax claims will be paid in full.

Holders of secured lender claims will receive any excess cash from a wind-down amount remaining after the payment in full of all priority claims and plan expenses, including any amounts due to the Office of the U.S. Trustee.

Other secured claims will, at the option of the Sundevil debtors, be paid in full in cash, without interest, or holders will receive the collateral securing the claims.

Holders of general unsecured claims, intercompany claims and equity interests will receive no distribution.

Wayzata, Minn.-based Sundevil Power operates gas-fired power plants in Gila Bend, Ariz. The company filed bankruptcy on Feb. 11, 2016 under Chapter 11 case number 16-10369.

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