Coin Cloud receives confirmation of amended Chapter 11 plan

By Sarah Lizee

Olympia, Wash., Aug. 28 – Cash Cloud, Inc., which does business as Coin Cloud, received confirmation of its amended Chapter 11 plan and final approval of the related disclosure statement, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Nevada.

As previously reported, Genesis Global Holdco, LLC, the only claimholder in class 2(b), voted to accept the plan. The amount of the claim is $8.77 million.

Meanwhile, Enigma Securities Ltd., the only claimholder in class 2(c), voted to reject the plan. The amount of the claim is $7.55 million.

And, 189 holders, or 95.45% in number, of $115.25 million, or 96.42% in amount, of general unsecured claims voted to accept the plan, while nine holders, or 4.55% in number, of $4.27 million, or 3.58% in amount, voted to reject the plan.

The company has received approval to sell its assets to Heller Capital, LLC and Genesis Coin, Inc. for $5.7 million.

According to the disclosure statement, holders of other priority claims and debtor-in-possession claims will receive payment in full in cash.

Genesis and Enigma will be entitled to trust units. After the sale closes, the debtor will remit to Genesis and Enigma their collateral proceeds to the extent they are in excess of: the disputed surcharge claims against Genesis or Enigma, respectively; and any other surcharge claims that Genesis or Enigma have agreed are payable to the debtor’s estate in line with the bankruptcy code.

Holders of other secured claims will be entitled to one or a combination of the following: all or a portion of the collateral securing their claims; a cash payment for the remaining balance of their secured claims; and other treatment rendering the claims unimpaired.

The holder of the AVT claim will receive cash in the amount of the difference between the AVT collateral proceeds up to the amount of its claim and the total amount of the surcharge claims against the AVT collateral proceeds that are either undisputed or determined by a surcharge claims order.

Holders of general unsecured claims will receive their pro rata share of the net sale proceeds and creditor trust proceeds.

All interests will be canceled with no distribution.

The Las Vegas-based digital currency machine company filed bankruptcy on Feb. 7 under Chapter 11 case number 23-10423.

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