Bankruptcy court approves liquidation plan for Vesttoo

The court noted on February 29: “The plan and the documents included in the plan supplement provide adequate and proper means for the plan’s execution and implementation, including, but not limited to: (a) the cancellation of certain existing agreements, obligations, instruments, and interests; (b) the appointment of the wind down officer to effectuate the wind down of the wind down debtors in accordance with the wind down agreement and the plan; (c) the establishment and funding of the liquidating trust pursuant to the liquidating trust agreement and the transfer of the liquidating trust assets to the liquidating trust free and clear of all liens, claims, charges, or other encumbrances, subject only to the liquidating trust interests and except as set forth in Article XII.L.3 of the plan; (d) the execution, delivery, filing, or recording of all contracts, instruments, releases, and other agreements or documents in furtherance of the plan; (e) the authorisation, approval, and entry of corporate actions under the plan; and (f) the authorisation for the wind down officer and the liquidating trustee, as applicable, to take all actions necessary to effectuate the plan. Accordingly, the plan satisfies the requirements of section 1123(a)(5) of the Bankruptcy Code.”