Mayflower Communities liquidation plan deemed effective as of Oct. 8

By Caroline Salls

Pittsburgh, Oct. 9 – Mayflower Communities, Inc.’s plan of liquidation took effect on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the Northern District of Texas.

The plan was confirmed on Sept. 26.

As previously reported, Mayflower received court approval to sell its assets to Prairie Landing Community, Inc. for $61 million.

The plan calls for the distribution of the sale proceeds and the creation of a liquidating trust to administer, liquidate and distribute Mayflower’s remaining assets.

Holders of priority claims will be paid in full under the plan.

Holders of secured claims will be paid in full in cash or receive the collateral securing the claims.

Holders of general unsecured claims will receive a share of liquidating trust distributable cash.

Interest holders will receive no distribution.

Mayflower Communities, an Addison, Tex.-based provider of elder care and senior living facility services, filed bankruptcy on Jan. 30, 2019 under Chapter 11 case number 19-30283.

© 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.