Pashman Stein Walder Hayden P.C. Files One of the First Pre-Packaged Subchapter V Plans
Pashman Stein Walder Hayden P.C. recently filed a prepackaged Subchapter V plan on behalf of Creativemass Holdings, Inc., a holding company for five subsidiaries in the United Kingdom, Australia, the United States and Japan. The Pashman Stein team representing Creativemass Holdings and its US subsidiary includes Joseph C. Barsalona II, Michael J. Custer, and Alexis R. Gambale. The prepackaged liquidation plan will pay its noteholder and general unsecured creditors in full and a partial distribution to equity holders from the proceeds from an interim dividend declared in an Australian administration relating to its Australian subsidiary.
Creativemass’s filing is one of, if not, the first prepackaged plan under Subchapter V of the Bankruptcy Code. The timeline proposed by the Debtors enables them to emerge from bankruptcy more quickly and distribute meaningful recoveries to noteholders and holders of equity interests as quickly as possible.
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