Easterday Ranches disclosure statement hearing continued to March 16

By Sarah Lizee

Olympia, Wash., Feb. 10 – Easterday Ranches, Inc. and Easterday Farms’ hearing on approval of the disclosure statement for their Chapter 11 plan of liquidation has been continued to March 16 from Feb. 16, according to a notice filed with the U.S. Bankruptcy Court for the Eastern District of Washington.

The hearing has been rescheduled several times.

According to the disclosure statement, the plan contemplates an orderly liquidation of the remaining assets of both debtors and the distribution of available assets to creditors through the mechanism of separate liquidation trusts for each debtor.

The respective distributable assets of each debtor will be placed in a liquidation trust for each debtor, and the general unsecured creditors of each debtor will receive beneficial interests in the respective liquidation trust based on the allowed claims of those general unsecured creditors.

The net sale proceeds will remain in escrow pending an allocation determination.

All allowed administrative claims, allowed professional fee claims, allowed priority tax claims, allowed DIP claims, allowed other secured claims, and allowed priority claims will be paid or otherwise satisfied in full.

Easterday Ranches is a Pasco, Wash.-based cattle operator. The company filed bankruptcy on Feb. 1, 2021 under Chapter 11 case number 21-00141.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.