Former Beyond Oblivion's plan of liquidation effective as of Sept. 25

By Caroline Salls

Pittsburgh, Sept. 25 - Beobi, Inc.'s first amended plan of liquidation took effect on Tuesday, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

The plan was confirmed on Aug. 22.

The former Beyond Oblivion, Inc.'s plan calls for the liquidation of the company's remaining assets and the distribution of assets to creditors.

Treatment of creditors will include the following:

• Holders of administrative claims, priority tax claims, secured claims and priority non-tax claims will be paid in full in cash;

• Holders of general unsecured claims will receive a share of any cash distributions from a liquidating trust; and

• Interests will be canceled and extinguished, and holders will receive no distribution.

As previously reported, Beyond Oblivion received court approval to sell its assets to Gee Beyond Holdings, LLC in March for about $4.2 million, including $2.5 million in cash, a senior secured note in the amount of $1.5 million and the assumption of contract liabilities in the amount of about $200,000.

Beyond Oblivion, a New York-based digital music company, filed for bankruptcy on Jan. 23, 2012. Its Chapter 11 case number is 12-10282.

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