Authentic Air, LLC, a Louisiana limited liability, submitted a Plan of Reorganization dated as of April 16, 2020 with Immaterial Modifications as of May 20, 2020.
The Class 3 Secured Claim of United Community Bank is impaired. United Community Bank shall maintain a secured claim in the amount of $247,858.16. The Secured Claim of United Community Bank will be paid at the rate of 5.25% APR, and principal and interest payments in the amount of $1,676.61 per month, amortized over twenty (20) years.
The Class 5 Secured Claim of FC Marketplace is impaired. FC Marketplace shall maintain a secured claim in the amount of $90,131.10, which is secured in full by Debtor’s Accounts Receivables. The Secured Claim of FC Marketplace will be paid at the fixed rate of 3.25% APR with principal and interest payments in the amount of $1,629.57 per month over sixty (60) months.
The Class 6 Secured Claim of National Funding, Inc., is impaired. National Funding will maintain a Secured Claim in the amount of $111,736, which is secured by Debtor’s Accounts Receivables, equipment, office furniture, materials, and cash deposits minus any liens on such accounts as of the date of the Commencement Date. The Secured Claim of National Funding will be paid at the fixed rate of 3.25% APR with principal and interest payments in the amount of $2,020 per month over 60 months.
Class 7 Secured Claim of Infiniti Financial Services is impaired. The Debtor will surrender its interest in the 2017 Infiniti QX80 and will turn the vehicle over to Infiniti Financial Services.
The Class 8 Convenience Claims (comprised of unsecured creditors each with claims of less than $5,000 are impaired. Holders of Convenience Class claims shall be paid 30% of their claim on the Effective Date. The total payout to Convenience Class claimants is anticipated to be approximately $5,887.
Class 9 General Unsecured Claims are impaired. Holders of General Unsecured Claims will be paid a pro rata share of $60,000. The payments to General Unsecured Claims will be paid in the amount of $1,000 per month for 60 months.
Class 10 Equity Interests are impaired. On the Effective Date, any Equity Interest of the Equity Interest Holders will be terminated and any certificates evidencing same shall be cancelled, and all such Equity Interests shall be cancelled on the books of the Debtor.
The Debtor will continue to operate its business which will generate the revenue to fund this Plan.
A full-text copy of the Plan of Reorganization dated May 20, 2020, is available at https://tinyurl.com/ya5kx9aa from PacerMonitor.com at no charge.
Attorneys for the Debtor:
ERIC J. DERBES
FREDERICK L. BUNOL
DAVID M. SERIO
THE DERBES LAW FIRM, L.L.C.
3027 Ridgelake Drive
Metairie, LA 70002
Phone: (504) 837-1230
Facsimile: (504) 832-0322
About Authentic Air
Authentic Air, LLC is an air conditioning and heating contractor serving the residential and commercial clients.
Authentic Air filed for Chapter 11 bankruptcy protection (Bankr. E.D. La. Case No. 19-13273) on Dec. 6, 2019. In the petition signed by Anthony Ragusa, managing member, the Debtor listed $641,751 in assets and $1,801,274 in liabilities. The Debtor is represented by Eric J. Derbes, Esq., at The Derbes Law Firm, LLC.