Former WIS, committee’s second amended plan of liquidation effective

By Caroline Salls

Pittsburgh, Aug. 5 – The plan of liquidation filed by SIW Holding Co., Inc., formerly WIS Holding Co., Inc., and its official committee of unsecured creditors took effect on Monday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on Feb. 4.

Under the plan, holders of any secured claims and non-tax priority claims will be paid in full in cash.

Holders of Hose claims and Arispe claims will be paid in accordance with a settlement agreement.

Holders of Rabbi Trust claims will receive distributions from a Rabbi Trust reserve to the extent they are not previously satisfied.

Holders of general unsecured claims and a purchaser claim will receive a share of any cash remaining after payment of other claims and reserves for claims and wind-down expenses.

Shareholders will retain no ownership interest in the SIW debtors, and the existing interests will be cancelled.

San Diego-based WIS Holding and its operating subsidiaries provided outsourced physical inventory verification and retail merchandising services throughout the United States and internationally. The company filed bankruptcy on July 2, 2018 under Chapter 11 case number 18-11579.

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