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paper, paint, and plastics industries; (2) supporting the
licensing of Solv-Ex’s bitumen extraction process technology; and
(3) “obtaining a joint venture partner for a project that will
establish a major alumina and aluminum reduction production
facility in Alberta, Canada, or at another site yet to be
determined.” The business plan was developed with a goal of
bringing a reorganized Solv-Ex to the point of positive cashflow
by the year 2000.
On April 24 and May 14, 1998, Solv-Ex entered into
memorandums of understanding (MOUs) with two separate companies
(one a Venezuelan company) to jointly explore the development and
production of Solv-Ex’s Ti02S technology for commercial use.
Those MOUs were part of Solv-Ex’s business plan.
In an exhibit attached to the amended disclosure statement,
Solv-Ex stated that the Koch and UTS sales provided a means for
the satisfaction of substantially all of the nonsubordinate,
nondebenture debt, and that the proposed business plan would
allow “the Reorganized Solv-Ex emerging from chapter 11
protection to move forward with the commercial development of its
valuable technologies in Ti02S, alumina and aluminum production.”
On July 31, 1998, the U.S. Bankruptcy Court for the District
of New Mexico approved the plan of reorganization, effective
August 31, 1998. A similar order was entered in the Canadian
bankruptcy. Upon confirmation of the plan of reorganization,
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