GALLEON CONTRACTING: Unsec. Creditors to Have 13% Recovery in Plan

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Debtor Galleon Contracting, LLC, filed a First Amended Disclosure Statement describing its Plan on July 17, 2020.

The Debtor will pay $2,500 for 12 months and then pay $8,000 a month for months 13 – 84. General unsecured creditors are classified in Class 13, and will receive a distribution of 13% of their allowed claims, to be distributed in 3 monthly payments starting in the 82nd month. Three payments in months 82, 83 and 84 of $1,800, $2,100 and $6,900.

A full-text copy of the First Amended Disclosure Statement dated July 17, 2020, is available at from at no charge.

About Galleon Contracting

Galleon Contracting, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-52911) on Dec. 9, 2019. The petition was signed by its sole managing member, Maurice Martinez. At the time of filing the Debtor was estimated to have both assets and liabilities of less than $1 million. Judge Ronald B. King oversees the case. The Debtor is represented by Todd J. Malaise, Esq., at Malaise Law Firm.

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