Basic Water Company’s Chapter 11 case was closed on July 24, 2024, by the final decree Dkt. 693. The restructuring had reached plan effectiveness Dkt. 585 on November 17, 2023, following court approval of a sale of substantially all assets Dkt. 578; post-emergence work focused on claims resolution before closure.

Basic Water Company’s Chapter 11 case, commenced on September 10, 2022, was closed on July 24, 2024, when the court entered its final decree Dkt. 693 finding the case fully administered. The court had confirmed the joint reorganization plan Dkt. 582 for Basic Water Company and Basic Water Company SPE 1, LLC on November 15, 2023. The notice of plan effectiveness Dkt. 585, filed November 20, established emergence on November 17, 2023.

The restructuring arose from the loss of the water system’s raw-water supply from Lake Mead. In her September 12, 2022 cash-collateral declaration Dkt. 12, President and Chief Financial Officer Stephanne Zimmerman explained that falling lake levels prevented the debtors from meeting delivery obligations to the City of Henderson, cutting off revenue used for bond payments and system maintenance. A June 2022 interim arrangement required purchases of potable water at four to five times the former raw-water rate. Basic Water operated and maintained the facilities owned by SPE; the court’s November 4, 2022 final cash-collateral order Dkt. 112 authorized SPE to use cash collateral and granted adequate protection to the prepetition secured party.

The exit path centered on an asset sale. On June 16, 2023, the court vacated the earlier bidding procedures and withdrew the stalking-horse designation motion Dkt. 372. On November 6, 2023, it approved the sale of substantially all assets Dkt. 578 free and clear of liens, claims, interests and encumbrances, together with assumption and assignment of designated contracts, before entering the plan-confirmation order.

The reorganized debtors’ April 19, 2024 Olin settlement motion Dkt. 655 reported that the water system, real property and related assets had been sold to Henderson WC, LLC, a subsidiary of Precision Castparts Corp. The motion also sought approval of a $400,000.00 payment to Pioneer Americas LLC, an Olin subsidiary, to resolve its $3,535,741.00 contract-rejection damages claim and related disputes. The proposed agreement provided mutual releases and excluded Olin from other plan distributions.

Basic Water Company’s Chapter 11 case was closed on July 24, 2024, by the final decree Dkt. 693. The restructuring had reached plan effectiveness Dkt. 585 on November 17, 2023, following court approval of a sale of substantially all assets Dkt. 578; post-emergence work focused on claims resolution before closure.

Basic Water Company’s Chapter 11 case, commenced on September 10, 2022, was closed on July 24, 2024, when the court entered its final decree Dkt. 693 finding the case fully administered. The court had confirmed the joint reorganization plan Dkt. 582 for Basic Water Company and Basic Water Company SPE 1, LLC on November 15, 2023. The notice of plan effectiveness Dkt. 585, filed November 20, established emergence on November 17, 2023.

The restructuring arose from the loss of the water system’s raw-water supply from Lake Mead. In her September 12, 2022 cash-collateral declaration Dkt. 12, President and Chief Financial Officer Stephanne Zimmerman explained that falling lake levels prevented the debtors from meeting delivery obligations to the City of Henderson, cutting off revenue used for bond payments and system maintenance. A June 2022 interim arrangement required purchases of potable water at four to five times the former raw-water rate. Basic Water operated and maintained the facilities owned by SPE; the court’s November 4, 2022 final cash-collateral order Dkt. 112 authorized SPE to use cash collateral and granted adequate protection to the prepetition secured party.

The exit path centered on an asset sale. On June 16, 2023, the court vacated the earlier bidding procedures and withdrew the stalking-horse designation motion Dkt. 372. On November 6, 2023, it approved the sale of substantially all assets Dkt. 578 free and clear of liens, claims, interests and encumbrances, together with assumption and assignment of designated contracts, before entering the plan-confirmation order.

The reorganized debtors’ April 19, 2024 Olin settlement motion Dkt. 655 reported that the water system, real property and related assets had been sold to Henderson WC, LLC, a subsidiary of Precision Castparts Corp. The motion also sought approval of a $400,000.00 payment to Pioneer Americas LLC, an Olin subsidiary, to resolve its $3,535,741.00 contract-rejection damages claim and related disputes. The proposed agreement provided mutual releases and excluded Olin from other plan distributions.