Benevis, committee’s Chapter 11 liquidation plan effective Dec. 31

By Sarah Lizee

Olympia, Wash., Jan. 6 – Benevis Corp. and its official committee of unsecured creditors’ combined joint Chapter 11 plan of liquidation went into effect on Dec. 31, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The plan was confirmed on Dec. 30, as previously reported.

The debtors have sold substantially all of their assets, and the plan provides for the distribution of some proceeds from the sales and creation of a liquidating trust that will administer and liquidate all remaining property of the debtors.

The plan further provides for the substantive consolidation of all of the debtors, the termination of all equity interests in the debtors, the dissolution and wind-up of the affairs of the debtors, and the transfer of any remaining assets to the liquidating trust.

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

Holders of secured claims will receive payment in full in cash or the collateral securing their claims.

Holders of unsecured claims will receive their pro rata share of the proceeds of the liquidation trust assets.

Equity interests will be canceled with no distribution.

Marietta, Ga.-based Benevis is a comprehensive dental practice support services company. The company filed bankruptcy on Aug. 2 under Chapter 11 case number 20-33918.

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