Structurlam files Chapter 11 plan, seeks exclusivity extension

By Sarah Lizee

Olympia, Wash., Oct. 18 – Structurlam Mass Timber U.S., Inc. filed a combined Chapter 11 plan of liquidation and disclosure statement on Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan implements the collection and distribution of all the debtors’ remaining assets through a liquidating trust.

The company said the terms of the plan were reached after negotiations with the official committee of unsecured creditors.

Under the plan holders of other secured claims and priority claims are expected to receive full recovery.

Holders of Structurlam Mass Timber U.S. general unsecured claims are expected to receive a recovery of 21.1%. The estimated amount of claims in this class is $99.78 million. This class is impaired and entitled to vote on the plan.

Holders of SLP Holdings Ltd. general unsecured claims are not expected to receive any recovery. The estimated amount of claims in this class is $80.69 million. This class is impaired and entitled to vote.

Holders of Structurlam Mass Timber Corp. general unsecured claims are expected to receive a recovery of 21.2%. The estimated amount of claims in this class is $19.01 million. This class is impaired and entitled to vote.

Holders of equity interests will receive no distribution.

Structurlam has asked for a combined hearing on the plan and disclosure statement to take place on Dec. 19.

Exclusivity extension

The company asked the court for another extension of its exclusive periods to file and solicit votes on a plan, according to a motion filed Tuesday.

Specifically, the company asked the court to extend the exclusive plan filing period by 90 days through Feb. 15 and the exclusive solicitation period by 90 days through April 15.

The debtor is a manufacturer of mass timber solutions and has headquarters in Penticton, B.C. The company filed Chapter 11 bankruptcy on April 21, 2023 under case number 23-10497.

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