The US Bankruptcy Court approved the second amended plan of liquidation of AppHarvest Products, LLC on September 14, 2023. The debtor has filed its amended plan in the Court on September 13, 2023. As per the amended plan, administrative claims, professional fee claims, priority tax claims, U.S. Trustee Statutory fees, other secured claims, other priority claims of $2.23 million, shall be paid in full in cash.

DIP claims of $29.6 million shall be settled from the proceeds of the sale transaction or any other sale of the DIP facility collateral. GNCU facility claims of $50 million shall receive the proceeds from the sale of the GNCU Collateral up to the amount of the allowed GNCU facility claims; or if GNCU determines to exercise its right to credit bid resulting in the sale of the GNCU collateral to GNCU, ownership of such assets. Richmond facility claims of $64.30 million shall receive the proceeds from the sale of the Richmond collateral up to the amount of the allowed Richmond facility claims; or if such holder determines to exercise its right to credit bid resulting in the sale of the Richmond Collateral to the Holder under the Stalking Horse APA, ownership of such assets.

Morehead facility claims of $45.94 million shall receive the proceeds from the sale of the Morehead collateral up to the amount of the allowed Morehead facility claims; or if such holder determines to exercise its right to credit bid resulting in the sale of the Morehead collateral to the holder under the stalking horse APA, ownership of such assets. General unsecured claims of $29.72 million shall be cancelled and shall not receive any distribution under the plan. Dalsem unsecured Claims will receive its pro rata right to recovery.

Intercompany claims, Section 510(b) claims, intercompany interests and existing equity claims, shall be cancelled and shall not receive any distribution under plan.