Splash News & Picture Agency LLC, the paparazzi company driven into bankruptcy partly by Meghan, Duchess of Sussex, will liquidate by selling its assets to its pre-bankruptcy owners.
The plan, approved Tuesday, calls for an asset sale to SN America Inc. for about $950,000, plus another $84,000 owed on a contract it’s acquiring as part of the deal. SN America was formed by some of Splash News’ pre-bankruptcy equity holders in order to make the purchase.
Proceeds from the sale to SN America will go first to Splash News’ only secured creditor, English company Deasil Ltd., which is owed ...
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