CalPlant I Holdco LLC and its affiliates and subsidiaries, a Northern California-based company focused on manufacturing sustainably-sourced building products, including the creation of the world's first no-added-formaldehyde, rice straw-based medium density fiberboard, Eureka MDF, announced that it will be proceeding with an orderly liquidation of its assets. Liquidation will be completed through a Plan of Liquidation to be approved by the United States Bankruptcy Court for the District of Delaware.
Pursuant to the Worker Adjustment and Retraining Notification Act (WARN), all employees have been issued 60-day WARN notices and were notified of the impending closure of the Company. During that 60-day period, the Company will focus on a sale of assets, in whole or in parts.
The Company is being advised by Morrison & Foerster LLP, as restructuring counsel, Hepner & Myers LLP as outside general counsel, and Paladin, as financial advisor and transaction advisor.
