A-1 Granite Man, Inc., submitted a Combined Plan of Reorganization and Disclosure Statement that say that unsecured creditors holding allowed claims will receive distributions at $.10 on the dollar, or 10%.
Class 1 Department of Finance and Administration is impaired. This class consists of the Sec. 507(a)(8) priority claim of the Arkansas Department of Finance and Administration (DF&A) in the amount of $59,905. This claim will be paid in full over 60 consecutive months with monthly payments of $998.42. Payments will begin on the first day of the month following the effective date of the Plan and shall be due not later than the 15th day of each month thereafter.
Class 2 Secured Claim Of Swift Financial is impaired. This class consists solely of the secured claim of Swift Financial in the estimated amount of $101,013 and is secured by a perfected lien. The creditor will retain its lien on the collateral, and will be paid the value of the collateral ($27,250) by Debtor by making regular monthly payments of $468.74 over a five year period. This amount includes 1.25% interest. The first monthly payment will be made on the first day of the month following the effective date of the plan and continuing for 60 months.
Class 3 General Unsecured Claims are impaired. This class consists solely of Debtor’s unsecured, non-priority debts of $166,450. This class shall receive a pro-rata monthly payment in the amount of $277.42 beginning the month after the plan is confirmed. Payments will be due on the 15th of every month. The total class payout shall total $16,645 or 10% of scheduled claims. Disallowed claims will not receive any distributions under the Plan.
The Debtor will continue its current business operations and payments will be made from cash flow from operations and/or future income.
A full-text copy of the Combined Plan of Reorganization and Disclosure Statement dated August 3, 2020, is available at https://tinyurl.com/y6an2x9u from PacerMonitor.com at no charge.
Attorney for Debtor:
JENNIFER M. LANCASTER
413 N. Market St.
Benton, AR 72015
Phone (501) 776-2224
Fax (501) 778-6186
About A-1 Granite Man
A-1 Granite Man Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 19-14343) on Aug. 19, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $500,000. Lancaster & Lancaster Law Firm, P.L.L.C., is the Debtor’s counsel.