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Dean Foods plans to emerge from bankruptcy by end of second quarter
By Sarah Lizee
Olympia, Wash., April 14 – Dean Foods Co. expects its Chapter 11 plan of liquidation to become effective by the end of the second quarter, according to an 8-K filing with the Securities and Exchange Commission.
As previously reported, the company’s plan was confirmed on March 17.
Distributions under the plan will be funded through a liquidation trust.
Holders of other secured claims and other priority claims will receive payment in full in cash.
Holders of senior notes claims, control group liability pension claims and general unsecured claims will receive their pro rata share of liquidating trust assets after the satisfaction in full of all allowed claims that are senior in priority and the satisfaction of plan adjustment payments.
Holders of convenience claims will receive their pro rata share of the convenience claims pool.
All pre-petition intercompany claims will be adjusted, reinstated or discharged at the debtors’ discretion.
Section 510(b) claims and existing interests will be canceled with no distribution.
Intercompany interests will be either reinstated or canceled.
Dean Foods is a Dallas-based food and beverage company. The company filed bankruptcy on Nov. 12, 2019 under Chapter 11 case number 19-36313.
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