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Structurlam receives conditional approval of disclosure statement
By Sarah Lizee
Olympia, Wash., Nov. 9 – Structurlam Mass Timber U.S., Inc. received conditional approval of the disclosure statement for its Chapter 11 plan of liquidation on Thursday, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.
The combined hearing on final approval of the disclosure statement and confirmation of the plan is scheduled for Dec. 19.
As previously reported, the plan implements the collection and distribution of all the debtors’ remaining assets through a liquidating trust.
The company said the terms of the plan were reached after negotiations with the official committee of unsecured creditors.
Under the plan holders of other secured claims and priority claims are expected to receive full recovery.
Holders of Structurlam Mass Timber U.S. general unsecured claims are expected to receive a recovery of 21.1%. The estimated amount of claims in this class is $99.78 million. This class is impaired and entitled to vote on the plan.
Holders of SLP Holdings Ltd. general unsecured claims are not expected to receive any recovery. The estimated amount of claims in this class is $80.69 million. This class is impaired and entitled to vote.
Holders of Structurlam Mass Timber Corp. general unsecured claims are expected to receive a recovery of 21.2%. The estimated amount of claims in this class is $19.01 million. This class is impaired and entitled to vote.
Holders of equity interests will receive no distribution.
The debtor is a manufacturer of mass timber solutions and has headquarters in Penticton, B.C. The company filed Chapter 11 bankruptcy on April 21, 2023 under case number 23-10497.
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