July 25, 2017 8:07 AM ET

Household Products

Company Overview of Phoenix Brands LLC

Company Overview

On December 27, 2016, Phoenix Brands LLC went out of business as per its Chapter 11 liquidation filing under bankruptcy. Phoenix Brands LLC provides laundry care products to customers in the United States, Canada, and internationally. It offers a range of fabric dyes, laundry detergents, fabric softeners, and spray starch powders. The company was founded in 2003 and is based in Stamford, Connecticut.

300 Atlantic Street

11th Floor

Stamford, CT 06901

United States

Founded in 2003

Phone:

203-975-0351

Fax:

203-975-0352

Key Executives for Phoenix Brands LLC

Phoenix Brands LLC does not have any Key Executives recorded.

Phoenix Brands LLC Key Developments

Joint Liquidation Plan Approved for Phoenix Brands LLC

The US Bankruptcy Court approved the joint plan of liquidation of Phoenix Brands LLC on December 19, 2016. The debtor, official committee of unsecured creditors and Fifth Street Finance Corp. had filed the joint plan in the Court on November 11, 2016. As per the plan, administrative claims, statutory fees, professional fees and priority tax claims shall be paid in full in cash. Allowed Priority Non-Tax Claims and Allowed Secured Tax Claims shall be paid in full in cash. Allowed Other Secured Claims shall receive either cash equal to the allowed amount or the collateral securing the claim, in full and complete satisfaction of the claim. Allowed General Unsecured Claims asserted by Fifth Street, allowed General Unsecured Claims asserted by Other Creditors, allowed General Unsecured Claims Against Phoenix Brands Canada ULC shall be paid cash distribution as per the Waterfall distribution plan. Allowed General Unsecured Claims against Phoenix Brands Parent LLC, allowed General Unsecured Claims against Phoenix North LLC and allowed General Unsecured Claims against Phoenix Rit LLC will get no distribution under the plan. Allowed General Unsecured Claims asserted by Fifth Street against Phoenix Brands Canada Laundry LLC will receive a distribution of 100% of funds for distribution allocated to Phoenix Brands Canada Laundry LLC. Equity Interests in the Debtors shall be cancelled and holders shall not receive or retain any property under the plan. The plan will be funded through creation of liquidation trust. Under the waterfall plan distribution, on the initial distribution date, Brands GUCs will receive their pro-rata share of $0.10 million in cash. Fifth Street will then receive cash up to $2.5 million. Professional fees of up to $0.49 million will be paid after that. The next $0.05 million will be paid to Brands GUCs. Thereafter, Fifth Street shall be paid cash distribution of $3.5 million. Professional fees of up to $0.51 million will be paid after that.

Liquidation Plan of Reorganization & Related Disclosure Statement Filed by Phoenix Brands LLC

Phoenix Brands LLC, Official committee of unsecured creditors and Fifth Street Finance Corp. filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on November 11, 2016. As per the plan, administrative claims, statutory fees, professional fees and priority tax claims shall be paid in full in cash. Allowed Priority Non-Tax Claims and Allowed Secured Tax Claims shall be paid in full in cash. Allowed Other Secured Claims shall receive either cash equal to the allowed amount or the collateral securing the claim, in full and complete satisfaction of the claim. Allowed General Unsecured Claims asserted by Fifth Street, allowed General Unsecured Claims asserted by Other Creditors, allowed General Unsecured Claims Against Phoenix Brands Canada ULC shall be paid cash distribution as per the Waterfall distribution plan. Allowed General Unsecured Claims against Phoenix Brands Parent LLC, allowed General Unsecured Claims against Phoenix North LLC and allowed General Unsecured Claims against Phoenix Rit LLC will get no distribution under the plan. Allowed General Unsecured Claims asserted by Fifth Street against Phoenix Brands Canada Laundry LLC will receive a distribution of 100% of funds for distribution allocated to Phoenix Brands Canada Laundry LLC. Equity Interests in the Debtors shall be cancelled and holders shall not receive or retain any property under the plan. The plan will be funded through creation of liquidation trust. Under the waterfall plan distribution, on the initial distribution date, Brands GUCs will receive their pro-rata share of $0.10 million in cash. Fifth Street will then receive cash up to $2.5 million. Professional fees of up to $0.49 million will be paid after that. The next $0.05 million will be paid to Brands GUCs. Thereafter, Fifth Street shall be paid cash distribution of $3.5 million. Professional fees of up to $0.51 million will be paid after that.

Motion for Asset Sale Approved for Phoenix Brands LLC

The US Bankruptcy Court approved the sale of certain assets of Phoenix Brands LLC on July 18, 2016. As per the order, debtor has been authorized to sell certain of Phoenix brands' assets to Lavo, Inc. for $5 million plus assumption of liabilities, as per the agreement dated May 18, 2016. Buyer has already submitted a deposit of 7.5% of the gross purchase price upon the execution of the agreement. The buyer will be entitled to the break-up fee of 3% of the purchase price plus expense reimbursement. Peter Castiel of Stikeman Elliott LLP and Stuart E. Casillas of Kirkland & Ellis LP acted as legal counsel for the buyer.

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