Florida Extruders International Files Plan of LiquidationJune 7th, 2011 by DWM Magazine
Florida Extruders International filed its liquidation plan with the U.S. Bankruptcy Court in the Middle District of Florida late last week. The company had filed for bankruptcy on April 25, and, prior to this filing, the company had set an auction date of June 14 for the sale of its assets. The liquidation plan states that as of June 30, 2011, the company will require substantial additional capital in order to continue.
“The Debtor contends that the sale of the Debtor’s assets pursuant to the Sale and Bid Procedure Motion will generate substantially more than the sale of the Debtors’s assets through a straight liquidation,” writes the company.
The liquidation plan provides for four classes of secured claims; one class of priority claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding general unsecured claims will receive a pro rate distribution in accordance with provisions of the plan. The plan also provides for payment of administrative and priority claims in full.
The hearing on the approval of the Disclosure Statement and Plan of Reorganization will be combined and the company anticipates that the plan will be confirmed at a confirmation hearing to be held on or around June 30, 2011, according to court documents.