March 25, 2017 7:11 PM ET

Construction Materials

Company Overview of Axion International, Inc.

Company Overview

On June 8, 2016, Axion International, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. Axion International, Inc. develops structural building products from recycled consumer and industrial plastics in the United States. Its structural building products include railroad crossties, bridge infrastructure, marine pilings, and bulk heading. The company was incorporated in 2006 and is based in New Providence, New Jersey. Axion International, Inc. operates as a subsidiary of Axion International Holdings, Inc.

180 South Street

Suite 104

New Providence, NJ 07974

United States

Founded in 2006

Phone:

908-542-0888

Key Executives for Axion International, Inc.

Axion International, Inc. does not have any Key Executives recorded.

Axion International, Inc. Key Developments

Liquidation Plan Approved for Axion International, Inc.

The US Bankruptcy Court approved the plan of liquidation of Axion International, Inc. on May 9, 2016. The debtor has filed its plan in the Court on March 7, 2016. As per the plan, Administrative Claims of $0.12 million, United States Trustee Fees of $0.02 million, Professional Fees of $0.90 million, Priority Tax Claims, Other Priority Non-Tax Claims of $0.19 million and Secured Claims of DIP Lender of $2.78 million shall be paid in full in cash. Secured Claims of Kronstadt shall be entitled to accredit bid $5.21 million. Secured Claims of the State of Ohio of $0.2 million and Secured Claims of Community Bank shall get the collateral properties. All Other Secured Claims shall be paid the amount of their allowed amount in cash. General Unsecured Claims in the range of $2.42 million and $7.14 million shall receive a recovery of 3% to 12% of their allowed amount from the settlement trust and litigation proceeds. Holders of Convenience Class of General Unsecured Claims of $5,948 will recover approximately in the range of 10% to 100%. Holders of Equity Interests shall not receive any recovery under the plan and all the equity interests shall be cancelled. The plan shall be funded from debtor’s cash in hand and from sale of debtor’s assets.

Bidding Procedure Approved for Axion International, Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Axion International, Inc. on April 4, 2016. The Court approved that the debtor may sell its assets in various lots. To qualify as a qualified bidder, interested parties should submit their bids by April 11, 2016. A qualified bid shall be accompanied by good faith deposit in the amount of 10% of purchase price. For six lots Allen Kronstadt may make a credit bid for first 5 lots of up to $5.21 million and Plastic Ties Financing LLC may credit bid for $2.2 million. An overbid shall be at least $10,000 higher than the previous bid. If the debtor receives any qualified bids then it would hold an auction for its assets on April 13, 2016. The sale hearing is scheduled for May 9, 2016.

Joint Liquidation Plan and Disclosure Statement Filed by Axion International, Inc.

Axion International, Inc. along with Official Committee of Unsecured Creditors, Allen Kronstadt and Plastic Ties Financing LLC filed a JOINT plan of liquidation with related disclosure statement in the US Bankruptcy Court on March 7, 2016. As per the plan filed, Administrative Claims, United States Trustee Fees, Professional Fees of $0.90 million, Priority Tax Claims, Other Priority Non-Tax Claims and Secured Claims of DIP Lender of $1.88 million shall be paid in full in cash. Secured Claims of Kronstadt shall be entitled to accredit bid $5.21 million. Secured Claims of the State of Ohio and Secured Claims of Community Bank shall sale proceeds from the sale of their respective collateral properties. All Other Secured Claims shall be paid the amount of their allowed amount in cash. General Unsecured Claims shall receive a recovery of 12% of their allowed amount from the settlement trust and General Unsecured Convenience Claims shall receive a one-time payment of lesser of either the full amount of their allowed claim or $100 from the settlement trust. Holders of Equity Interests shall not receive any recovery under the plan and all the equity interests shall be cancelled. The plan shall be funded from debtor’s cash in hand and from sale of debtor’s assets.

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