Rochester Drug Cooperative Chapter 11 plan effective as of March 19

By Sarah Lizee

Olympia, Wash., March 23 – Rochester Drug Cooperative, Inc.’s Chapter 11 plan went into effect on Friday, according to a notice filed Monday with the U.S. Bankruptcy Court for the Western District of New York.

The plan, which was confirmed on Feb. 26, is predicated on the sales of the debtor’s assets, the liquidation of remaining assets and the collection of accounts receivable. The plan will be implemented through this process, and a liquidating trustee will ultimately make distributions.

The plan contemplates the payment in full in cash of all administrative claims, fee claims, U.S. trustee fees, the IRS priority claim and other priority claims.

Holders of unsecured claims will receive their pro rata share of liquidating trust assets, less the expenses of the liquidating trustee.

Holders of interests will not receive any distribution.

The company is a Rochester, N.Y.-based health care distributor. It filed bankruptcy on March 12, 2020 under Chapter 11 case number 20-20230.

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