Coda Holdings liquidation in effect as of March 5; claim deadlines set

By Kali Hays

New York, March 7 - Adoc Holdings Inc. said its Chapter 11 liquidation plan went into effect March 5, according to a Thursday notice filed with the U.S. Bankruptcy Court for the District of Delaware.

Adoc was formerly Coda Holdings, Inc.

The notice also set deadlines of March 25 for administrative claims, March 27 for damage claims and April 4 for fees claims.

As previously reported, Adoc's plan was accepted by a majority of voting creditors, including unanimous approval by creditors in two of three classes.

Under the approved plan, holders of WARN class priority claims will receive distributions from the liquidating trust established under the plan, and fee claims are capped at $2.55 million.

The plan also establishes a liquidation trust to liquidate the company's assets, including specified causes of action.

Treatment of creditors under the plan includes:

• Administrative claims, priority tax claims and priority claims will be paid in full in cash;

• Holders of other secured claims will either receive the proceeds from the sale of the collateral securing the claims, be paid in cash or receive the collateral securing the claims;

• Holders of deficiency claims will receive a share of lender beneficial interests and liquidating trust distributions;

• Holders of general unsecured claims will receive a share of general unsecured creditor beneficial interests in the liquidating trust and receive liquidating trust distributions;

• Holders of WARN class priority claims will receive liquidating trust distributions; and

• Holders of equity interests and subordinated claims will receive no distribution.

Coda, a Los Angeles-based manufacturer of electric cars and energy products based on lithium-ion batteries, filed for bankruptcy on May 1, 2013. Its Chapter 11 case number is 13-11153.

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