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Bolta’s Chapter 11 plan of liquidation effective as of Aug. 4
By Sarah Lizee
Olympia, Wash., Aug. 7 – Bolta US Ltd.’s Chapter 11 plan of liquidation went into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Northern District of Alabama.
The official committee of unsecured creditors supported the plan, which was confirmed on July 19, 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.
All equity interests in the debtor were be deemed canceled with no distribution.
The plastic automotive parts manufacturer is based in Northport, Ala. The company filed bankruptcy on Jan. 13, 2023 under Chapter 11 case number 23-70042.
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