Bankruptcy Law News

Maines Paper Gets Court Approval to Hold Liquidation Plan Vote

July 27, 2020, 7:37 PM

Maines Paper & Food Service Inc. won court approval of its plan disclosures, allowing creditors to vote on the bankrupt food-service distribution company’s liquidation plan.

Unsecured creditors would share a $2 million pot if the plan is ultimately confirmed, according to the disclosure statement approved July 24 by Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware.

Under the plan, Maines’ unsecured creditors, holding claims between $129 million and $170 million, would recover 1.2% to 1.5% of their claims, the debtor said. Maines’ equity owners wouldn’t receive anything under the plan and the winding...

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