KB US files Chapter 11 plan and related disclosure statement

By Sarah Lizee

Olympia, Wash., Sept. 23 – KB US Holdings, Inc. filed a Chapter 11 plan and related disclosure statement on Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Under the plan, the debtors intend to sell substantially all of their assets and facilitate the wind-down of any remaining affairs of the debtors after the effective date.

Holders of allowed other priority claims will receive payment in full in cash of the unpaid portion of its claim.

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

Holders of allowed prepetition secured loan claims will receive excess distributable cash in an amount up to but not in excess of the allowed amount of their claim.

Allowed general unsecured claims, prepetition secured loan deficiency claims, allowed section 510(b) claims and intercompany claims will be cancelled and holders will not receive any distribution.

Holding company interests and intercompany interests will be cancelled and holders will receive no distribution.

The plan confirmation hearing has been scheduled for Dec. 3.

KB is a Parsippany, N.J.-based operation of food retail stores. The Chapter 11 case number is 20-22962.

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