Former Videology’s disclosure approved; plan hearing set for July 31

By Caroline Salls

Pittsburgh, May 15 – VG Liquidation, Inc., formerly Videology, Inc. obtained court approval of the disclosure statement for its amended plan of liquidation, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for July 31.

If the plan is confirmed, the VG Liquidation debtors’ available cash and remaining non-cash assets, if any, will be liquidated, and proceeds will be distributed to creditors.

Administrative expense claims, priority tax claims and other priority claims will be paid in full in cash.

Secured claims will either be reinstated or holders will be paid in full in cash or receive the collateral securing the claim.

General unsecured creditors will receive a share of noteholder settlement payments.

Holders of equity interests will receive no distribution.

New York-based Videology is a software provider for converged TV and video advertising. The company filed bankruptcy on May 10, 2018 under Chapter 11 case number 18-11120.

© 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.