The settlement agreement has been submitted for approval to the Honorable Robert E.
Gerber of the United States Bankruptcy Court for the Southern District of New York.
The Unsecured Creditor Pool now stands at approximately 1 million.
“At this point the primary assets of the Trust have been liquidated, and our remaining focus is to extinguish the final obligations of the Trust,” De Groote said.
With this distribution, the Trust has returned over 6 million to Bearing Point’s creditors, including payment in full to secured lenders, full satisfaction of Bearing Point, Inc.’s Paid Time Off obligations to former employees, payment of over million to additional administrative and priority creditors, and million to unsecured creditors.
Liquidating Trust provides Remodeling, Reservations, Packages to it's customers.
Liquidating Trust, announced today a million special litigation distribution to creditors.
“We do not anticipate a final distribution for at least another year, and the amount of that distribution, if any, will hinge on the cost of those efforts and the net amounts realized from our remaining assets,” he added.
See Article DALLAS, Mar 21, 2013 (BUSINESS WIRE) — John De Groote Services, LLC, as Liquidating Trustee to the Bearing Point, Inc.
“If all goes as planned we’ll be in a position to distribute the proceeds from this settlement, net of litigation expenses and other costs, by midsummer.” Three former directors of Bearing Point have agreed to dismiss a lawsuit they recently filed in Virginia against De Groote.