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KB US Holdings disclosure statement hearing adjourned to Dec. 3
By Sarah Lizee
Olympia, Wash., Nov. 19 – KB US Holdings, Inc.’s hearing on approval of its disclosure statement has been adjourned to Dec. 3 from Nov. 20, according to a notice filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, 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 their claim.
Holders of allowed other secured claims will receive payment in full in cash or the collateral securing their claims.
Holders of allowed pre-petition 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, pre-petition secured loan deficiency claims, allowed section 510(b) claims and intercompany claims will be canceled and holders will not receive any distribution.
Holding company interests and intercompany interests will be canceled and holders will receive no distribution.
KB is a Parsippany, N.J.-based operator of food retail stores. The company filed bankruptcy on Aug. 23 under Chapter 11 case number 20-22962.
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