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The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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October 2, 2023
Source: Morrison Forester
Morrison Forester is pleased to announce that it has successfully guided CalPlant to emergence from its chapter 11 bankruptcy proceedings. Prior to its bankruptcy case, CalPlant constructed the world’s first plant intended to convert rice straw (a waste product of rice production) into high-quality, environmentally friendly, and competitively priced medium-density fiberboard (MDF). Construction of the plant, located in Willows, California, was financed primarily by tax-exempt “green” bonds.
On October 5, 2021, facing severe operational defects with the plant’s manufacturing equipment, CalPlant and an affiliate made the decision to file for relief under chapter 11 of the Bankruptcy Code in Delaware. Earlier this year, CalPlant was forced to abandon the project after the plant proved incapable of operating as a going concern.
On August 15, 2023, the Bankruptcy Court approved and confirmed CalPlant’s chapter 11 plan, which resolves nearly $500 million in secured claims and bankruptcy financing. The company’s remaining assets have vested in a liquidating trust to be monetized and the proceeds thereof distributed to creditors.
The Morrison Foerster team advising CalPlant was led by Jennifer Marines, the firm’s vice chair and global co-chair of the firm’s Business Restructuring and Insolvency Group, together with restructuring partners Benjamin Butterfield and Theresa Foudy, with assistance from restructuring associates Martha Martir and Miranda Russell. Litigation partners Chiraag Shah and Julia Schwalm also advised the company.
On October 5, 2021, facing severe operational defects with the plant’s manufacturing equipment, CalPlant and an affiliate made the decision to file for relief under chapter 11 of the Bankruptcy Code in Delaware. Earlier this year, CalPlant was forced to abandon the project after the plant proved incapable of operating as a going concern.
On August 15, 2023, the Bankruptcy Court approved and confirmed CalPlant’s chapter 11 plan, which resolves nearly $500 million in secured claims and bankruptcy financing. The company’s remaining assets have vested in a liquidating trust to be monetized and the proceeds thereof distributed to creditors.
The Morrison Foerster team advising CalPlant was led by Jennifer Marines, the firm’s vice chair and global co-chair of the firm’s Business Restructuring and Insolvency Group, together with restructuring partners Benjamin Butterfield and Theresa Foudy, with assistance from restructuring associates Martha Martir and Miranda Russell. Litigation partners Chiraag Shah and Julia Schwalm also advised the company.
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