AgFeed Industries Plan Filed
AgFeed Industries filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, “The Plan provides for substantive consolidation of the Consolidated AgFeed USA Debtors and the liquidation of the Debtors’ assets. The majority of the Debtors’ assets have been liquidated pursuant to the AgFeed USA Sale and the AgFeed Industries Stock Sale. The Plan further provides for the Estates’ Assets to be allocated in accordance with the terms of the Plan and distributed to holders of the Allowed Claims and Interests. On the Effective Date, all of the Estates’ Assets will vest in and be transferred to the Liquidating Trust. The Liquidating Trust shall be administered by the Liquidating Trustee who shall, among other things, liquidate the remaining Estates’ Assets, resolve any disputed Claims, wind-down the affairs of the Debtors, prosecute Causes of Action and make initial and final distributions pursuant to the Plan. On the Effective Date, all existing stock and equity interest in AgFeed Industries shall be deemed cancelled and extinguished and AgFeed Industries shall reissue one (1) share of common stock to the Liquidating Trust.”
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