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Bolta US gets approval of disclosure statement; plan hearing July 18
By Sarah Lizee
Olympia, Wash., June 13 – Bolta US Ltd. received approval of the disclosure statement for its Chapter 11 plan of liquidation, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Alabama.
The plan confirmation hearing is scheduled for July 18.
The official committee of unsecured creditors supports the plan, as previously reported.
The company recently closed the sale of its assets to one of its largest customers, SMP Automotive Systems Alabama Inc.
SMP acted as stalking horse bidder for the assets. The purchase price under the stalking horse agreement included a base cash amount of $16 million.
The plan provides for debtor’s remaining assets to be distributed to the liquidating trust and managed by the liquidating trustee, who will be appointed by the debtor and committee.
The liquidating trustee will take actions to liquidate the remaining non-cash assets, including accounts receivable, if any, and to pursue recoveries on claims and causes of action owned by debtor.
All administrative claims, allowed debtor-in-possession lender claims, priority tax claims, other priority claims and other secured claims are expected to be paid in full.
Holders of allowed general unsecured claims will receive a pro rata portion of remaining liquidating trust assets after the payment of all senior claims and the expenses of the liquidating trust.
On the effective date, all equity interests in the debtor will be deemed canceled with no distribution.
The plastic automotive parts manufacturer is based in Northport, Ala. The company filed bankruptcy on Jan. 13 under Chapter 11 case number 23-70042.
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