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Volunteer Energy Services amends, sets confirmation schedule
Chicago, Nov. 10 – Volunteer Energy Services Inc. filed an amended Chapter 11 plan with the U.S. Bankruptcy Court for the Southern District of Ohio on Thursday.
Nearly all of the changes, according to a redline version, had to do with the releasing parties.
Additionally, the company proposed a confirmation schedule.
The company proposes Jan. 20 as a deadline to file the plan supplement with a voting deadline of Jan. 27.
A confirmation hearing would take place on Feb. 3, if ordered.
As reported in late October, the plan will be funded with cash and any other assets of the estate. A liquidating trust will be formed to distribute the assets.
Under the plan, debtor-in-possession financing claims and other priority claims will be paid in full in cash.
Holders of other secured claims will be paid in full in cash, receive the collateral securing the claims, or receive other treatment leaving the claims unimpaired.
Holders of prepetition asset-based loan financing claims will receive cash in an amount equal to any and all prepetition ABL debt owed under the ABL financing documents.
The ABL lender will receive the balance of the compromised fee claim but will waive the accrued fee claim. However, if the case is converted or dismissed, the accrued fee claim will be retained by the lender.
Holders of general unsecured claims will receive one or more distributions equal to their pro rata share of the general unsecured creditor interests as funds become available.
Interests will be canceled with no distribution to holders.
The Pickerington, Ohio-based retail energy provider filed Chapter 11 bankruptcy on March 25 under case number 22-50804.
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