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Hollister Construction submits liquidation plan disclosure statement
By Sarah Lizee
Olympia, Wash., June 22 – Hollister Construction Services, LLC filed a disclosure statement for its plan of liquidation on Friday in the U.S. Bankruptcy Court for the District of New Jersey.
A hearing to approve the disclosure statement is set for July 23. A plan confirmation hearing is slated for Sept. 3.
Prepetition secured lender claims will be paid in cash equal to the outstanding amount under the PNC line of credit note and PNC term loan note plus outstanding interest.
Holders of priority claims will be paid in full in cash through two equal payments.
Arch claims will be paid in cash.
Holders of allowed general unsecured claims will receive their pro rata share of the cash to be distributed by the debtor or the liquidation trust, after payment of administrative claims, allowed professional fee claims, allowed priority claims and other allowed claims.
Holders of interests in the debtor will receive no distributions and the interest will be cancelled.
Hollister is a Parsippany, N.J.-based construction company. The company filed bankruptcy on Sept. 11, 2019 under Chapter 11 case number 19-27439.
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