Debtor Coastal International, Inc., filed a Second Amended Chapter 11 Plan of Reorganization and a Disclosure Statement on April 9, 2020.
Holders of Class 3 General Unsecured Claims and the claim of AHAC in Class 4) will receive monthly payments over the course of 10 years, totaling $2.5 million which the Debtor estimates equals approximately 27.1% recovery on the total amount of the Class 3 claims plus 0.15% interest on the 27.1% total. The total amount of Class 3 Claims is currently estimated at $608,222, and the total amount of the Class 4 Claim is $8,613,731.
Coastal International Holdings will provide $250,000 in the form of the “new value contribution” to fund the Plan which will be advanced by the Principal on or before the Effective Date. In exchange for the New Value Contribution, the principal will retain a 100% interest in the Reorganized Debtor. The principal will be the sole shareholder of the Reorganized Debtor after the Effective Date.
A full-text copy of the Second Amended Disclosure Statement dated April 9, 2020, is available at https://tinyurl.com/tsmyoly from PacerMonitor at no charge.
The Debtor is represented by:
Jeffrey I. Golden
Reem J. Bello
WEILAND GOLDEN GOODRICH LLP
650 Town Center Drive, Suite 600
Costa Mesa, California 92626
About Coastal International
Coastal International, Inc., is a Nevada corporation formed in 1984, which provides trade show installation and dismantling services in the exhibit and event industry. Its operations extend into major cities across the United States, and the Company maintains a staff of trained, full-time employees to handle most any installation and dismantling project from start to finish. Coastal generated approximately $24 million in revenues during 2018.
Coastal International sought creditor protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.19-13584) on Sept. 15, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The case has been assigned to Judge Theodor Albert. The Debtor tapped Weiland Golden Goodrich LLP as counsel; and Finestone Hayes LLP, as co-counsel.