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Hartshorne files Chapter 11 plan of liquidation, disclosure statement
By Sarah Lizee
Olympia, Wash., Sept. 29 – Hartshorne Holdings, LLC filed its joint Chapter 11 plan of liquidation and related disclosure statement on Monday in the U.S. Bankruptcy Court for the Western District of Kentucky.
Under the plan, holders of priority claims will be paid in full in cash.
Holders of debtor-in-possession loan claims, secured lenders claims and other secured claims will receive the collateral securing their claims, retention of any valid liens on collateral, or other treatment as may be agreed to by the holders, debtors and liquidation trustee, as applicable.
Holders of general unsecured claims will receive their pro rata share of the proceeds of the liquidation trust in excess of any amounts necessary to pay all permissible liquidation trustee fees and expenses, provided that the proceeds will only be available for payment of allowed general unsecured claims to the extent that the liquidation trustee has paid in full or fully reserved for, all the carve-out escrow, the post-petition fee escrow, U.S. trustee fees, allowed general administrative expense claims, allowed priority tax claims, allowed priority claims, allowed secured lenders claims, and allowed other secured claims. Holders of general unsecured claims will also receive their pro rata share of a committee settlement, if approved by the court.
Interests and intercompany claims will be canceled with no distributions.
The plan distributions will be funded from the debtors’ cash on hand and applicable sale proceeds.
The debtors are seeking a combined plan confirmation and disclosure statement approval hearing on Nov. 9.
Rumsey, Ky.-based Hartshorne develops and operates coal mining projects in the United States. The company filed bankruptcy on Feb. 20 under Chapter 11 case number 20-40133.
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