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AMERITUBE LLC: Unsecured Creditors to Recover 7% Over 5 Years

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Debtor Ameritube, LLC, filed a Second Amended Disclosure Statement in connection with its Plan of Reorganization on July 24, 2020.

Class 5 Any Allowed General Unsecured Claims. On a quarterly basis for a period of 5 years following the Effective Date, each holder of an Allowed General Unsecured Non-Insider Claim shall receive a Cash payment in the amount of such holder’s Pro Rata Share of the amount available in the Unsecured Claim Distribution Fund for each such month. Quarterly payments shall be made on the first day of each month of January, April, July, and October in the 5 year period following the Effective Date. The estimated return to unsecured creditors is seven cents on the dollar, or 7% of their claims.

The Debtor has built an auction procedure into the Plan, see Section 12.18 of the Plan. The opening bid of $15,000 was arrived at by the Debtor in consultation with its counsel, considering the assets and liabilities of the company, the likelihood of a sale as a going concern, and the obligations under the Plan. AMGMT, Inc. is owned by the Ravitskys.

A full-text copy of the Second Amended Disclosure Statement dated July 24, 2020, is available at https://tinyurl.com/y2dxcywk from PacerMonitor.com at no charge.

Attorneys for the Debtor:

Sarah M. Cox
Howard Marc Spector
Spector & Cox, PLLC
12770 Coit Road, Suite 1100
Dallas, Texas 75251
Phone: (214) 310-1321
E-mail: sarah@spectorcox.com

About Ameritube LLC

Ameritube, LLC, is a manufacturer of alloys used in a variety of processes in the oil and gas, HVAC, heat transfer, power, chemical, marine and defense industries. It is also a distributor of carbon and stainless steel, seamless tubing, marine pipe, couplings, fittings, and flanges used in the marine industry.

Ameritube sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-60863) on Nov. 17, 2019. In the petition signed by Khariton G. Ravitsky, president, the Debtor was estimated to have assets and liabilities ranging from $1 million to $10 million. Judge Ronald B. King oversees the case. The Debtor is represented by Sarah M. Cox, Esq. at Spector & Cox, PLLC.

No official committee of unsecured creditors has been appointed in Debtor’s case.