Former Fuhu disclosure statement OK’d; plan hearing set for Nov. 30

By Caroline Salls

Pittsburgh, Oct. 6 – Arctic Sentinel, Inc., formerly Fuhu, Inc., obtained court approval of the disclosure statement for its amended plan of liquidation, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Nov. 30.

On the plan effective date, the company’s assets, including cash and causes of action, will be transferred to a liquidating trust. The trustee may use cash to investigate and prosecute causes of action.

Arctic Sentinel said additional funds may be available for distribution to holders of unsecured claims if the causes of action produce proceeds in excess of the amount of professional fees and administrative expenses.

Holders of secured claims will, at the option of the company, be paid in full, receive the collateral securing the claim or receive the proceeds from the sale of that collateral.

Holders of equity interests will receive no distribution under the plan.

Holders of unsecured claims will receive a share of liquidating trust interests following the payment of or reserve for payment of higher priority claims.

Arctic Sentinel, based in El Segundo, Calif., makes children’s computer tablets and filed for bankruptcy on Dec. 7, 2015. Its Chapter 11 case number is 15-12465.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.