Sam Kane Beef Processors Chapter 11 plan confirmed by court

By Caroline Salls

Pittsburgh, Oct. 18 – Sam Kane Beef Processors, LLC’s Chapter 11 plan was confirmed on Friday by the U.S. Bankruptcy Court for the Southern District of Texas.

Sam Kane Beef said the proceeds from the sale of substantially all of its assets were not enough to pay all secured creditors’ claims.

The company said it entered into a settlement agreement with creditors alleging trust claims to all of its remaining assets and with its remaining secured creditors.

According to the disclosure statement, the plan distributes available proceeds of this settlement to pay administrative expense claims, priority unsecured creditors, unsecured creditors and subordinated creditors.

Sam Kane Beef said it expects to have enough available cash to pay administrative expense claims in full. The rest of its assets will be distributed first to pay priority unsecured claims, then to pay unsecured and subordinated claims.

Equity interests will be cancelled, and holders will receive no distribution.

Sam Kane Beef Processors is a Corpus Christi, Tex.-based processor and distributor of beef and beef products. The company filed bankruptcy on Jan. 22, 2019 under Chapter 11 case number 19-20020.

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