Flexible Funding’s Chapter 11 liquidation plan effective as of Aug. 5

By Sarah Lizee

Olympia, Wash., Aug. 8 – Flexible Funding, LLC’s Chapter 11 plan of liquidation went into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the plan, which was confirmed on July 13, provides for the distribution of proceeds from the sale of the debtors’ assets to all holders of allowed claims.

After full payment of allowed administrative expenses, allowed priority tax claims, U.S. trustee fees, secured tax claims and priority non-tax claims, distributions will be made to holders of remaining allowed claims in a waterfall fashion.

Bison’s and Medalist’s subordinated secured claims will be paid from distributable cash.

Other secured claims will be paid in full or will have the collateral returned.

Holders of general unsecured claims will receive a pro rata share of distributable cash on hand.

Holders of interests will be paid on a pro rata basis. Holders will not have any ability to direct or control the affairs of the liquidating debtors after the effective date of the plan.

The Fort Worth-based asset-based lending and factoring company is primarily focused on the staffing and transportation industries. The company filed bankruptcy on Sept. 19, 2021 under Chapter 11 case number 21-42215.

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