Today's court news on TPUTQ: Barzel Industries Plan Filed
Barzel Industries filed with the U.S. Bankruptcy Court an Amended Joint Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, "The Debtors are proposing the Plan over the alternative of converting the Debtors' bankruptcy cases to Chapter 7 of the Bankruptcy Code because the Debtors believe that (i) the Plan provides a more orderly liquidation and a greater recovery to creditors than a Chapter 7 liquidation, and (ii) the Plan provides unnecessary costs to the Debtors' estates which would accrue should the Debtors' bankruptcy cases be converted to Chapter 7 of the Bankruptcy Code." Under the Plan, administrative claims, priority tax and non tax claims, class 1 miscellaneous secured claims, and class 3 priority non-tax claims are estimated to receive 100% recovery.
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