Ryze Renewables II’s Chapter 11 plan effective as of Jan. 17

By Sarah Lizee

Olympia, Wash., Jan. 18 – Ryze Renewables II, LLC’s Chapter 11 plan went into effect on Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the plan was confirmed on Jan. 8 and was accepted by the one holder of $181.39 million of prepetition loan facility claims.

Under the plan, other priority claims and other secured claims were to receive a full recovery.

Prepetition loan facility claims were expected to receive a recovery of 11%. The holder was to receive an initial sale proceeds distribution on the effective date, and any litigation proceeds and winddown reversionary assets after the effective date.

As part of a global settlement, all MMC, Inc. sale proceeds claims were to be canceled without distribution.

General unsecured claims were to be canceled with no recovery. The estimated amount of claims in this class was $7.93 million.

Intercompany claims, section 510(b) claims and interests were to be canceled with no distribution.

Intercompany interests were to be either reinstated or set off, settled, distributed, contributed, canceled or released.

The company sold its assets to Edgewood Renewables, LLC for $36.5 million in July 2023. There was a dispute between the debtors and MMC over some of the sale proceeds, but those issues were resolved through a settlement.

The Las Vegas-based renewable fuel producer filed bankruptcy on March 9, 2023 under Chapter 11 case number 23-10289.

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