Judge Peter Walsh of the U.S. Bankruptcy Court in Wilmington has set a June 12 confirmation hearing on the first amended joint liquidation plan of bankrupt foam cup maker Radnor Holdings Corp. of Radnor, Pa.
Under the plan, which Radnor filed March 20, all the assets of 22 bankrupt Radnor business units would be liquidated, and lender Tennenbaum Capital Partners LLC of Santa Monica, Calif., would be made whole on the single, $28 million secured claim. Hundreds of unsecured creditors and equity holders would lose out on about $189 million in claims.
Radnor filed for Chapter 11 bankruptcy protection Aug. 21, 2006. The company sold its assets to Tennenbaum subsidiary TR Acquisition Co. LLC on Nov. 29, 2006, for $223 million.
Tennenbaum subsequently formed New WinCup Holdings Inc. The Stone Mountain, Ga.-based company includes Radnor's former WinCup food-service packaging and StyroChem specialty chemicals businesses.