Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Dakota Plains Holdings Plan Effective, Summarized

Dakota Plains Holdings' Amended Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on September 25, 2017; and the confirmation order notes that the Plan will become effective once all of the Company's assets are transferred to liquidating trust. According to the Court docket, the case is closed effective January 3, 2018 and the trustee (if a trustee has been appointed) is discharged. BankruptcyData's detailed Plan Summary notes, "The purpose of the Plan is to provide for the orderly liquidation of the Debtors' assets remaining after the Sale Transaction, which consist primarily of Causes of Action, and the distribution of the net proceeds of such liquidation to the Holders of Allowed Claims. The overall purpose of the Plan is to liquidate and distribute the Debtors' remaining assets in a manner designed to maximize recoveries to all stakeholders. The Debtors believe the Plan is reasonably calculated to lead to the best possible outcome for all creditors in the shortest amount of time and preferable to all other alternatives." BankruptcyData's Plan Summary continues, "General Unsecured Claims will be entitled to a pro rata share of the Beneficial Interests in the Liquidating Trust; provided that the Liquidating Trustee will make all Distributions in respect of the Allowed Unsecured Claim of the WFS Entities received in satisfaction of the WFS Entities' Allowed Class 3 Claims to the Administrative Agent." This crude oil loader filed for Chapter 11 protection on December 20, 2016, listing $74 million in pre-petition assets. Visit BankruptcyData for the full Plan Summary.

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