Express Grain receives confirmation of Chapter 11 plan of liquidation

By Sarah Lizee

Olympia, Wash., March 14 – Express Grain Terminals, LLC’s amended Chapter 11 plan of liquidation was confirmed on Tuesday, according to a minute entry filed with the U.S. Bankruptcy Court for the Northern District of Mississippi.

The minute entry said the plan was confirmed subject to terms and agreements reached in court.

The plan establishes a liquidating trust for the purpose of receiving and liquidating the debtor, its property and assets, and distributing the funds to holders of claims and interests.

Express Grain said in the disclosure statement that there probably is not enough cash to pay for the administrative expense claims and priority claims in full at confirmation. However, the claims will be paid as and when cash is available to pay them.

The secured claims of Bank of the West, BankPlus, CAT Financial and Chase Auto have already been paid in full.

UMB Bank NA asserts liens on various proceeds, and there may also be certain assets that are subject to the UMB lien that were not sold. The company said it will continue to liquidate those assets and pay the funds that UMB is entitled to on or before the effective date of the plan and thereafter as funds become available and are not used otherwise.

Unsecured convenience claims totaling less than $2,500 will be paid in full in cash on the effective date at the rate of 15% of the allowed amount of those claims.

Unsecured creditors will receive, upon the final distribution in the case, all remaining cash which has not been used to pay prior classes.

Equity security interests will be canceled.

Greenwood, Miss.-based Express Grain Terminals is an agricultural processing and marketing company. It filed bankruptcy on Sept. 29, 2021 under Chapter 11 case number 21-11832.

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