As previously announced, KACC and KAAC have entered into an agreement with Rusal to sell their interests in and related to QAL, subject to certain approvals and closing conditions.
Under the proposed plan of liquidation filed by KAAC and KFC, the assets of those entities -- which will consist primarily of the net proceeds to be received by KAAC in connection with the sale of its interests in QAL and claims KFC has against KACC that would entitle KFC to distributions under any KACC plan of reorganization -- would be transferred to a liquidation trust, whereupon KAAC and KFC would be dissolved.
As indicated in the disclosure statement, it is currently anticipated that KAAC will have approximately $396.
The plan and disclosure statement filed by KAAC and KFC outline the specific treatment and potential recoveries of KAAC and KFC creditors, as well as the substantial uncertainties relating to such recoveries.
