On May 22, 2017, the Bankruptcy Court for the District of Delaware issued an order confirming the Chapter 11 Amended Plan of Liquidation in the bankruptcy proceeding. The Amended Plan establishes, among other things, a Liquidating Trust which will litigate and/or settle certain causes of action (grounded in alter ego and fraudulent transfer theories of liability) against the parent company of the Debtors, YPF, an Argentinian state-owned corporation. Pursuant to the Amended Plan, the United States, on behalf of EPA, NOAA and DOI, is the holder of a Class 4 claim for the Diamond Alkali Site. Payment of the claim, which will be made from proceeds obtained by the Liquidating Trust though its litigation/settlement against YPF, will be equally split between EPA and the NRD Trustees. EPA will deposit its share into the Diamond Alkali Special Account for use at the Site.
In addition, the United States is the holder of a Class 5 claim and will receive the proceeds that are deposited in an Environmental Remediation and Restoration Trust (ERRT), also to be equally split between EPA and the NRD Trustees. Payments to EPA from the ERRT will be deposited into the Diamond Alkali Special Account for use at the Site. The ERRT will be funded from proceeds of the litigation/settlement against YPF and, after payment to EPA and the NRD Trustees, will fund environmental remediation and restoration activities (allocated 90% to remediation and 10% to restoration) for the Diamond Alkali S