April 24, 2017 12:45 PM ET

Healthcare Providers and Services

Company Overview of Universal Cooperatives, Inc.

Company Overview

On December 1, 2015, Universal Cooperatives, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. Universal Cooperatives, Inc. offers farm supply cooperative services and provides distribution, and purchasing services for its members in the United States, Canada, and Europe. The company purchases and distributes various animal health products, including antibiotics, biological vaccines, dewormers, endectocides, insecticides, instruments, powders and boluses, rodenticides, topicals, and vitamins to member cooperatives, retail outlets, and producers; offers a line of rawhide chips, sticks, strips, and bones, as well as hooves, fantasy chews, and other novelty it...

1300 Corporate Center Curve

Eagan, MN 55121

United States

Founded in 1972

Phone:

651-239-1000

Fax:

651-239-1080

Key Executives for Universal Cooperatives, Inc.

Universal Cooperatives, Inc. does not have any Key Executives recorded.

Universal Cooperatives, Inc. Key Developments

Joint Amended Liquidation Plan Approved for Universal Cooperatives, Inc.

The US Bankruptcy Court approved the joint amended plan of liquidation of Universal Cooperatives, Inc. on September 3, 2015. The debtor and the Official Committee of Unsecured Creditors filed their joint amended plan in the Court on July 17, 2015. As per the amended plan, administrative expense claims in the amount of $7.88 million, professional fee claims and priority tax claims shall be paid in full in cash. Allowed priority non-tax claim in the amount of $0.91 million shall receive, in full and final satisfaction, settlement, release, and discharge of such allowed priority non-tax claim, cash in the amount equal to such allowed claim, without interest. Allowed secured tax claim in the amount of $0.16 million shall receive, in full and final satisfaction, settlement, release, and discharge of such allowed secured tax claim and any liens securing such claim, cash in the amount of such allowed secured tax claim on the effective date or in regular payments over a period of time not to exceed 5 years after the petition date with interest. Allowed other secured claim in the amount of $4.14 million shall receive, in full and final satisfaction, settlement, release, and discharge of such allowed other secured claim and any liens securing such claim, at the sole option of the debtors or the liquidating trustee, as applicable, cash in an amount equal to such allowed other secured claim on or as soon as practicable after the effective date, or the collateral securing its allowed other secured claim, in full and complete satisfaction of such allowed other secured claim. Allowed general unsecured claim against Universal in the amount of $31.57 million and against Bridon in the amount of $21.3 million shall receive, in full and final satisfaction, settlement, and release of such allowed general unsecured claim its distribution pro rata share of universal’s net distributable assets. Allowed general unsecured claims against Heritage in the amount of $23.34 million and against UCPA in the amount of $22.42 million shall receive, in full and final satisfaction, settlement, and release of such allowed general unsecured claim its distribution pro rata share of their net distributable assets; provided, however, that PBGC shall receive a reduced recovery on account of its Allowed PBGC GUC Claim sufficient to permit non-PBGC holders of allowed general unsecured claims to receive up to and including a 3% recovery, and upon receipt of a 3% recovery by non-PBGC holders of allowed general unsecured claims, any additional net distributable assets shall be distributed on a pro rata basis with holders of allowed general unsecured claims including PBGC. General unsecured claims against Agrilon in the amount of $14.28 million and against Pavalon in the amount of $14.28 million shall receive, in full and final satisfaction, settlement, and release of such allowed general unsecured claim its distribution pro rata share of Pavalon’s net distributable assets. On the effective date, the equity interests in the debtors shall be cancelled and the holders of the equity interests shall not be entitled to, and shall not receive or retain, any property on account of such equity interests under the plan.

Amended Liquidation Plan and Disclosure Statement Filed by Universal Cooperatives, Inc.

Universal Cooperatives, Inc. and the Official Committee of Unsecured Creditors filed an amended plan of liquidation with related disclosure statement in the US Bankruptcy Court on July 17, 2015. As per the amended plan filed, there were no amendments related to change in treatment of different claim classes of the plan.

Liquidation Plan and Disclosure Statement Filed by Universal Cooperatives, Inc. and and the Official Committee of Unsecured Creditors

Universal Cooperatives, Inc. and the Official Committee of Unsecured Creditors filed a plan of liquidation with related disclosure statement in the US Bankruptcy Court on June 17, 2015. As per the plan filed, administrative expense claims in the amount of $7.88 million, professional fee claims and priority tax claims shall be paid in full in cash. Allowed priority non-tax claim in the amount of $0.91 million shall receive, in full and final satisfaction, settlement, release, and discharge of such allowed priority non-tax claim, cash in the amount equal to such allowed claim, without interest. Allowed secured tax claim in the amount of $0.16 million shall receive, in full and final satisfaction, settlement, release, and discharge of such allowed secured tax claim and any liens securing such claim, cash in the amount of such allowed secured tax claim on the effective date or in regular payments over a period of time not to exceed 5 years after the petition date with interest. Allowed other secured claim in the amount of $4.14 million shall receive, in full and final satisfaction, settlement, release, and discharge of such allowed other secured claim and any liens securing such claim, at the sole option of the debtors or the liquidating trustee, as applicable, cash in an amount equal to such allowed other secured claim on or as soon as practicable after the effective date, or the collateral securing its allowed other secured claim, in full and complete satisfaction of such allowed other secured claim. Allowed general unsecured claim against Universal in the amount of $31.57 million and against Bridon in the amount of $21.3 million shall receive, in full and final satisfaction, settlement, and release of such allowed general unsecured claim its distribution pro rata share of universal’s net distributable assets. Allowed general unsecured claims against Heritage in the amount of $23.34 million and against UCPA in the amount of $22.42 million shall receive, in full and final satisfaction, settlement, and release of such allowed general unsecured claim its distribution pro rata share of their net distributable assets; provided, however, that PBGC shall receive a reduced recovery on account of its Allowed PBGC GUC Claim sufficient to permit non-PBGC holders of allowed general unsecured claims to receive up to and including a 3% recovery, and upon receipt of a 3% recovery by non-PBGC holders of allowed general unsecured claims, any additional net distributable assets shall be distributed on a pro rata basis with holders of allowed general unsecured claims including PBGC. General unsecured claims against Agrilon in the amount of $14.28 million and against Pavalon in the amount of $14.28 million shall receive, in full and final satisfaction, settlement, and release of such allowed general unsecured claim its distribution pro rata share of Pavalon’s net distributable assets. On the effective date, the equity interests in the debtors shall be cancelled and the holders of the equity interests shall not be entitled to, and shall not receive or retain, any property on account of such equity interests under the plan. The plan shall be funded from cash in hand and liquidation of debtor’s estate.

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