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February 12, 2016 12:54 AM ET

Household Durables

Company Overview of Walldesign Incorporated

Company Overview

On January 2, 2015, Walldesign Incorporated went out of business as per its Chapter 11 liquidation filing under bankruptcy. Walldesign Incorporated, a residential subcontractor, provides insulation, drywall, plaster, painting, and contracting services to the new home building and construction industries in California, Arizona, and Nevada. It offers the installation of drywall and insulation for a various residential construction projects; and the application of plaster and painted surfaces for wall installation. Walldesign Incorporated was founded in 1986 and is based in Newport Beach, California. It has locations in Oceanside, Norco, Corona, Bakersfield, Sacramento, and Loomis, California; ...

2350 S. E. Bristol

Newport Beach, CA 92660

United States

Founded in 1986

Phone:

949-251-9959

Fax:

949-251-9960

Key Executives for Walldesign Incorporated

Walldesign Incorporated does not have any Key Executives recorded.

Walldesign Incorporated Key Developments

Second Amended Liquidation Plan Approved for Walldesign Incorporated

The US Bankruptcy Court approved the second amended plan of reorganization of Walldesign Incorporated on August 19, 2014. The debtor had filed its modified second amended plan in the Court on July 23, 2014. As per the plan filed, allowed administrative claims and U.S. Trustee Fee Claims shall be paid in full in cash by the Liquidation Trustee from the Liquidation Trust Fund. Professional Fee Claims Winthrop Couchot and BSW & Associates having an allowed amount of $0.31 million and professional fee claims of Jones Day having an allowed amount of $0.23 million shall be paid in full in cash. Allowed Priority Tax Claims having an allowed amount of $0.09 million shall receive, in full satisfaction, cash payments equal to its allowed amount and interest thereon. Allowed Priority Non-Tax Claim shall receive in full satisfaction a pro rata share of the Class 4 Liquidation Trust Interests. Allowed Secured Claim of Comerica, Allowed Secured Claim of VFS and Allowed Secured Claim of Bello Construction shall receive payments from the liquidation of the Debtor Collateral in which Comerica, VFS and Bello Construction have liens, however, Comerica, VFS and Bello Construction have the right to assert against the debtor any deficiency claim unless Comerica, VFS and Bello make a valid election under section 1111(b) of the Bankruptcy Code, in such an event the deficiency claims shall be treated as allowed General Unsecured Claims. General Unsecured Claims shall receive a pro rata share of the Class 5 Liquidation Trust Interests. Subordinated Claims shall receive a pro rata share of liquidation trust assets that remain after payment of Class 5 and 6. All Interests in the debtor shall be cancelled on the effective date and shall receive no recovery. The plan shall be funded through available cash in hand and the Liquidation Trust Fund. The US Bankruptcy Court approved the non-material modifications to the second amended plan of reorganization of Walldesign Incorporated on November 6, 2014. The debtor had filed its non material modification to the modified second amended plan in the Court on September 3, 2014. There are no changes to the treatment of claims.

Second Joint Amended Reorganization Plan and Disclosure Statement Filed by Walldesign Incorporated and Creditors Committee

Walldesign Incorporated, along with creditors committee, filed second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 13, 2014. As per the amended plan filed, allowed claims of Jones Day have been increased from $0.18 million to $0.23 million. All other classes and their respective treatments remain the same. Walldesign Incorporated, along with creditors committee, filed a modified amended joint plan of reorganization in the US Bankruptcy Court on July 23, 2014. As per the plan filed, all classes and their respective treatments remain the same. Walldesign Incorporated, along with creditors committee, filed a notice of non-material modification to the amended joint plan of reorganization in the US Bankruptcy Court on August 19, 2014. As per the notice there is no change in the treatment of any claim. Walldesign Incorporated, along with creditors committee, filed a notice of non-material modification to the amended joint plan of reorganization in the US Bankruptcy Court on September 3, 2014. As per the notice there is no change in the treatment of any claim.

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