Pola Supermarket Corp., et al., filed a Plan and a Disclosure Statement.
Because the Plan provides that remaining allowed claims are being paid in full (100 cents on the dollar) with applicable interest, the Debtors are not formally required to solicit actual votes on the Plan, as no classes of claims are unimpaired.
Each holder of an allowed unsecured claim in Class 2 will receive a dividend on the Effective Date from Net Distributable Cash equal to the full amount (100%) of the Allowed Unsecured Claim, together with accrued interest at the federal judgment rate.
The shareholder of the Debtors (Candido DeLeon) in Class 3 will be entitled to all remaining surplus after payment of all Allowed Claims, and shall continue to retain his stock and equity interest in the Debtors.
The Disbursing Agent is already holding the sum of $1,877,941.48 in escrow representing the net sale proceeds. On the Effective Date, the Debtors shall transfer any remaining sums on deposit in their respective DIP accounts (estimated to be approximately $30,000) to complete the pool of available funds for distributions.
A full-text copy of the Disclosure Statement dated April 22, 2020, is available at https://tinyurl.com/yclkbora from PacerMonitor.com at no charge.
Attorneys for the Debtors:
Kevin J. Nash, Esq.
Goldberg Weprin Finkel Goldstein LLP
1501 Broadway, 22nd Floor
New York, New York 10036
About Pola Supermarket Corp.
Pola Supermarket Corp. and its subsidiaries own and operate supermarkets.
Pola Supermarket, C&N New York Food Corporation and Melin Food Corporation filed Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-12971) on Sept. 14, 2019. The petitions were signed by Candido H. DeLeon, president. The cases are assigned to Judge Shelley C. Chapman.
At the time of the filing, Pola Supermarket was estimated to have $1 million to $10 million in both assets and liabilities. C&N New York disclosed $2,381,800 in total assets and $802,921 in liabilities while Melin Food listed $600,000 in assets and $149,907 in liabilities.
The Debtors are represented by J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein LLP.