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Katerra’s Chapter 11 wind-down plan effective as of Oct. 29
By Sarah Lizee
Olympia, Wash., Nov. 1 – Katerra, Inc.’s Chapter 11 plan went into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.
The plan was confirmed on Oct. 21, as previously reported.
According to the disclosure statement, the plan contemplates a basic waterfall structure whereby the estate liquidates its assets and all proceeds are distributed to holders of allowed claims.
A plan administrator will be appointed on the effective date to wind down the debtors’ estates, monetize any remaining assets and make distributions to creditors.
Holders of allowed secured claims will receive payment in full in cash, the collateral securing their claims or other treatment leaving their claims unimpaired.
Holders of allowed other priority claims will receive payment in full in cash or other treatment leaving their claims unimpaired.
Holders of allowed general unsecured claims will receive their pro rata share of the general unsecured claims recovery, which is the distributable cash, if any, after all senior classes of claims are paid in full.
Other intercompany claims and intercompany interests will be reinstated, or distributed, contributed, set off, settled, canceled and released, or otherwise addressed without any distribution.
Existing interests and section 510(b) claims will be canceled, released and extinguished, with holders receiving no distribution.
Katerra is a technology-enabled construction company based in Menlo Park, Calif. The company filed bankruptcy on June 6 under Chapter 11 case number 21-31861.
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