AgriBio Tech, Inc.

Client

The predecessor company was AgriBio Tech, Inc. ABT, a $300 million roll-up of a series of agricultural-related entities.

Challenge

The Company liquidated virtually all operating assets, and needed a way to improve an expected low return to creditors. Following the confirmation of the debtors' plan of reorganization, the ABT Creditor Trust was established to liquidate the debtors' remaining assets, reconcile outstanding claims, prosecute avoidance and other actions and dissolve the outstanding corporate entities.

Solution

A Bridge professional was appointed Trustee of the case and was assisted by Bridge professionals. The Team successfully pursued causes of action, adding over $46 million to the estate. In addition, claims against the estate were reduced by 78 percent.

Results

Secured and priority claims have been paid in full. At confirmation, unsecured creditors were expected to receive a distribution of approximately $.03 per $1 claim ($2 million). These efforts have resulted in the return of $.325 per $1 unsecured claim ($ 38 million) and certain stakeholders have realized as much as 60% on their combined unsecured and agreed secured claims for a total recovery of $53 million.