KB US Holdings plan confirmation hearing adjourned to Feb. 4

By Sarah Lizee

Olympia, Wash., Jan. 20 – KB US Holdings, Inc.’s hearing on confirmation of its Chapter 11 plan has been rescheduled to Feb. 4 from Jan. 21, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The plan includes the sale of substantially all of the debtors’ assets and the wind-down of any remaining affairs after the effective date, as previously reported.

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

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 exceeding, the allowed amount of their claims.

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 distributions.

Holding company interests and intercompany interests will be canceled and holders will receive no distributions.

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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