The US Bankruptcy Court approved the second amended combined joint liquidation plan and disclosure statement of Boxed, Inc. on August 31, 2023. The debtor has filed its second amended plan in the Court on August 24, 2023. As per the amended plan, administrative claims, professional fee claims, priority tax claims and statutory fees shall be paid in full in cash.

Secured tax claims of $0 shall either be paid in full in cash or delivered collateral securing such claim. Prepetition first lien lender secured claims of $16.77 million shall be allowed in amount of $15.25 million shall be paid in cash. Prepetition second lien secured lender claims of $42.39 million shall be secured for $10 million and paid in cash the rest shall be treated as deficiency claim under unsecured claim.

Other secured claims of $0 - $0.1 million shall either be paid in full in cash or delivered collateral securing such claim. Other priority claims of $0 - $0.5 million shall either be paid in full in cash or delivered collateral securing such claim. Unsecured claims of $63.10 million - $76.10 million shall receive a beneficial interest in the liquidation trust.

Intercompany claims of $0 and intercompany interests of $0 shall either be reinstated or cancelled. Interests in Boxed, Inc. of $0 and section 510(b) claims of $0 shall be cancelled without any distribution. The plan shall be funded from available cash and sale of assets.