Volunteer Energy Services’ Chapter 11 plan effective as of Aug. 17

By Sarah Lizee

Olympia, Wash., Aug. 18 – Volunteer Energy Services Inc.’s Chapter 11 plan went into effect on Thursday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Ohio.

The plan was confirmed on July 27, as previously reported.

Under the plan, administrative expense claims, priority tax claims and other priority claims are being paid in full.

Holders of DIP financing claims were to receive cash equal to the claims. All accrued interest and other expenses of the DIP secured parties were to be paid in full.

Holders of other secured claims were to receive cash equal to the claims, the return of the collateral securing the claims, or other treatment leaving the claims unimpaired.

Holders of prepetition ABL financing claims were to receive cash in an amount equal to any and all prepetition ABL debt due under the prepetition ABL financing documents.

For the accrued fee claim, the prepetition ABL lender was to receive the balance of the compromised accrued fee claim due, and the prepetition ABL lender agreed to waive the waived accrued fee claim.

Holders of general unsecured claims were to receive their pro rata share of general unsecured creditor interests as distributions become available after the payment of all DIP financing claims, allowed professional fee claims, administrative claims, other priority claims, other secured claims and prepetition ABL financing claims and the payment of all costs and expenses of the liquidating trust.

The liquidating trustee will make periodic distributions of available cash from the liquidating trust assets to the holders of general unsecured creditor interests at any time after the effective date.

Interests were to be canceled with no distribution.

The liquidating trust was to be funded with at least $500,000 initially.

The Pickerington, Ohio-based retail energy provider filed Chapter 11 bankruptcy on March 25, 2022 under case number 22-50804.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.