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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 https://tinyurl.com/y6tuzzzp from PacerMonitor.com 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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