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TRIVASCULAR SALES: Unsec. Creditors to Get $2 Million in Plan

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Trivascular Sales LLC, et al., submitted a Second Amended Joint Plan of Reorganization and a corresponding Disclosure Statement.

As an inducement to unsecured creditors, and in support of the Debtors’ efforts to achieve a consensual plan, lender Deerfield Partners, L.P. agreed to provide the GUC Distribution Amount. The GUC Distribution amount represents a negotiated amount between the Debtors and Deerfield.

“GUC Distribution Amount” means $2,000,000 in the Second Amended Plan.

Unsecured creditors are slated to recover 1% or 5% in the Plan. Class 4 General Unsecured Claims will receive: (i) in the event that Class 4 votes to accept the Plan, its pro rata share of the GUC Distribution Amount; or (ii) in the event that Class 4 votes to reject the Plan, its pro rata share of 50% of the GUC Distribution Amount.

A full-text copy of the Disclosure Statement dated August 3, 2020, is available at https://tinyurl.com/yxlan8b7 from PacerMonitor.com at no charge.

Proposed Counsel for the Debtors:

Andrew B. Zollinger
David E. Avraham
DLA Piper LLP (US)
1900 North Pearl Street, Suite 2200
Dallas, Texas 75201
Tel: (214) 743-4500
Fax: (214) 743-4545
E-mail: andrew.zollinger@us.dlapiper.com
david.avraham@us.dlapiper.com

Thomas R. Califano
DLA Piper LLP (US)
1251 Avenue of the Americas
New York, New York 10020
Tel: (212) 335-4500
Fax: (212) 335-4501
Email: thomas.califano@us.dlapiper.com

Rachel Nanes
DLA Piper LLP (US)
200 South Biscayne Boulevard, Suite 2500
Miami, Florida 33131
Tel: (305) 423-8563
Fax: (305) 675-8206
Email: rachel.nanes@us.dlapiper.com

About TriVascular Sales

TriVascular Sales, LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 20-31840) on July 5, 2020. At the time of the filing, TriVascular Sales had estimated assets of less than $50,000 and liabilities of between $100 million to $500 million. Judge Stacey G. Jernigan oversees the cases.

The Debtors tapped DLA Piper LLP (US) as their legal counsel, and FTI Consulting, Inc., as their financial advisor. Omni Agent Solutions is the claims, noticing and administrative agent.

The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in Debtors’ bankruptcy cases.