Reorganization Plan and Disclosure Statement Filed by The Longaberger Company
October 19, 2018 at 09:30 am IST
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The Longaberger Company filed a plan of reorganization with related disclosure statement in the US Bankruptcy Court on October 19, 2018. As per the plan filed, administrative claims of professionals of $0.02 million and priority tax claims shall receive from the liquidating trust the amount of such holder’s pro rata share of the administrative claim cave out. Secured claim of JGB of $5.26 million shall be paid the amount of its allowed claim, plus interest thereon, from the Liquidating trust with the maturity date shall be the 1st day of the 12th month after the full calendar month following the effective date. Priority claims shall receive from the liquidating trust, in full satisfaction, settlement, and release of and in exchange for such claim, its pro rata share of the priority claim. Unsecured claims shall receive from the liquidating trust, in full satisfaction, settlement, and release of and in exchange for such claim, its pro rata share of the unsecured claims. Subordinated Claim of Rochon Capital Partners and Equity interests shall be cancelled and not receive or retain, any property or interest in property under the plan on account of such claim. The plan shall be funded through cash in hand and sale proceeds.
JRjr33, Inc. (JRJR), formerly CVSL Inc., offers a platform of direct-to-consumer brands. The Company operates through the segments, which include Gourmet Food, Nutritional and Wellness, Home Decor, Publishing and Printing, and Other. The Gourmet Food Products segment consists of operations related to the production and sale of hand-crafted spices, oils and other food products from around the world. The Home Decor segment consists of operations related to the production and sale of premium hand-crafted baskets, and the selling of products for the home, including pottery, cleaning, health, beauty, home, outdoor and customizable vinyl expressions for display. The Nutritionals and Wellness segment consists of operations related to the selling of nutritional supplements and skin care products. The Publishing and Printing Segment consists of the operations of Happenings Communications Group, Inc. and Paperly, Inc. The Other Segment consists of the operations of Tomboy Tools, Inc.