Picture People’s second amended plan of liquidation effective May 25

By Caroline Salls

Pittsburgh, May 26 – The second amended joint plan of liquidation filed by TPP Acquisition, Inc. and its official committee of unsecured creditors took effect on Thursday, according to a notice filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

TPP Acquisition does business as the Picture People.

The plan was confirmed on April 20.

Under the plan, the company’s remaining assets, consisting primarily of various causes of actions, will be transferred to a liquidation trust. The liquidation trustee will oversee the liquidation of the remaining assets, including the litigation of causes of action.

The net proceeds generated by the liquidation of the assets will be distributed to creditors under the plan.

Administrative claims, priority tax claims, priority non-tax claims and secured claims will be paid in full.

Estate assets that remain after satisfaction of those claims and the costs and expenses incurred by the liquidation trustee and/or trust will be distributed to the holders of general unsecured claims.

Holders of interests will not receive any distribution under the plan, and all interests in TPP will be canceled and extinguished.

Picture People is an operator of professional portrait studios. The company filed for bankruptcy on Sept. 2, 2016 under Chapter 11 case number 16-33437.

© 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.