Diamond Glass Files Chapter 11 Plan; Court Issues Order
Diamond Glass (now known as DG Liquidation in its bankruptcy case) filed its Chapter 11 plan recently with the U.S. Bankruptcy Court for the District of Delaware. The plan, described as a “liquidation plan,” details the plan for the company’s assets “to be liquidated over time and for the proceeds of the asset sales to be distributed to holders of Allowed Claims in accordance with the terms of the Plan and the priority of claims provisions of the Bankruptcy Code.” The plan also explains how the company’s remaining claims, professional fees, contracts, etc., will be handled over the coming months. (CLICK HERE for the full text of the plan.)
In addition, the court issued an order on Friday approving the motion of Diamond Glass (now known as DG Liquidation in the case) to assume or reject unexpired leases of non-residential property. In addition, the court approved the company’s proposed procedures for future rejection of certain executory contracts unexpired leases and authorized the debtors to abandon personal property pursuant to the bankruptcy code.
The rejection of the contracts listed in the exhibit filed with the order (CLICK HERE to view) is effective on the date of the order—August 22.
CLICK HERE for full text of order.
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