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Entrust Energy Chapter 11 liquidation plan effective as of Jan. 6
By Sarah Lizee
Olympia, Wash., Jan. 12 – Entrust Energy, Inc.’s Chapter 11 plan of liquidation went into effect on Jan. 6, 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.
According to the disclosure statement, the purpose of the plan is to provide for the equitable distribution of the debtors’ cash as well as any proceeds received in connection with the prosecution or settlement of the causes of action.
As all of the debtors’ other assets have already been liquidated, the only remaining assets are cash on hand, outstanding receivables and causes of action.
Holders of administrative claims, priority tax claims, priority non-tax claims and ad valorem tax claims will be paid in full.
The secured claims asserted by Shell are unliquidated and subject to dispute. To the extent Shell is entitled to any rights in connection with the claims, those rights are unimpaired under the plan.
Holders of convenience class unsecured claims will receive payment from the liquidating trust of 90% of their allowed claims.
Holders of general unsecured claims will receive a beneficial interest in the liquidating trust cash derived from liquidating trust assets less applicable expenses.
Equity interests will be canceled. Holders will receive a subordinated beneficial interest in the liquidating trust cash derived from liquidating trust assets less applicable expenses and after payment in full of all senior claims.
The secured claim of JPMorgan Chase Bank, NA will be paid in full.
Entrust Energy is a Houston-based retail power provider. The company filed bankruptcy on March 30, 2021 under Chapter 11 case number 21-31070.
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