On December 17, 2015, the debtor filed a Plan of Liquidation, which underwent several revisions, the last of which was the Second Amended Plan of Liquidation filed on January 19, 2016. On January 20, 2016, the Court entered an Order confirming the Plan. On February 17, 2016, the Effective Date of the ERT Agreement and the Plan occurred and the Committee of Unsecured Creditors was dissolved. The Plan of Liquidation specifies the purposes and obligations for the creation and development of the Environmental Response Trust (ERT) and transfer of monies to that Trust, including disbursement of the Reorganized Debtor's remaining assets from the administrative fund.
The final executed ERT was filed with the Court on February 17, 2016. The ERT's primary purpose is to implement appropriate remediation of the former HOVENSA facility as required by the facility's RCRA Permit, RCRA Post-Closure Permit and other environmental laws.
The Environmental Response Trust's Trustee is expected to eventually have access to financial assurance funding established under RCRA for closure, post closure and corrective action and to potentially obtain up to $75 million in insurance monies (for as yet unknown conditions discovered within the next ten years). In addition, the Trustee is expected to have access to the $30 million agreed to in the APA for wind down costs associated with specified remaining HOVENSA environmental obligations, The ERT agreement also provides for ERT implementation of