Former Vertellus’ plan unanimously accepted by three of four classes

By Caroline Salls

Pittsburgh, Feb. 21 – The plan of liquidation filed by VSI Liquidating Inc., formerly Vertellus Specialties, Inc., was unanimously accepted by three of four voting creditor classes, according to a ballot report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, all 31 holders of $54.01 million in senior secured term loan claims, all three holders of $88.28 million in environmental response trust claims and 31 holders of $54.01 million in senior secured term loan deficiency claims voted to accept the plan.

In addition, 122 holders, or 96.06% in number, of $3,098,359, or 97.66% in amount, of general unsecured claims voted to accept the plan, while five holders, or 3.94% in number, of $3.17 million, or 2.34% in amount, of those claims voted to reject it.

Two general unsecured creditors abstained.

The plan confirmation hearing is scheduled for Friday.

Vertellus is an Indianapolis-based provider of specialty chemicals for the agriculture, nutrition, pharmaceutical and medical, personal care, plastics, coatings and industrial markets. The company filed for bankruptcy on May 31, 2016 under Chapter 11 case number 16-11290.

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