SFP Franchise amended plan of liquidation declared effective Sept. 8

By Caroline Salls

Pittsburgh, Sept. 9 – SFP Franchise Corp.’s amended plan of liquidation took effect on Tuesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on Aug. 13.

The company said the plan vests all available cash with a liquidation trustee to be distributed to creditors and provides for the full and final resolution of all funded debt obligations.

The liquidation trustee will wind down SFP’s affairs, prosecute or settle retained causes of action and pay claims.

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

Holders of general unsecured claims will receive a share of beneficial trust interests.

Holders of existing equity and intercompany claims will receive no distribution.

SFP is a Goodlettsville, Tenn.-based paper retailer. The company filed bankruptcy on Jan. 23, 2020 under Chapter 11 case number 20-10134.

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