Liquidating Distributions

12 Months Ended

Mar. 31, 2020

5. Liquidating Distributions

Liquidating distributions (net reversal of liquidating distributions) in the years ended March 31, 2020, 2019 and 2018 consisted of the following:


(in thousands)	2020			2019			2018
Distributions during the year	$	67,818		$	40		$	433
Less: Liquidating distributions payable as of beginning of year		(1,785	)		(1,825	)		(9,205	)
Add: Liquidating distributions payable as of end of year		351,876			1,785			1,825

Total (net reversal)	$	417,909		$	—		$	(6,947	)

The distributions during the year ended March 31, 2020 consisted of distributions to (a) holders of Resolved Term Loan Avoidance Action Claims and (b) holders of Allowed General Unsecured Claims who previously failed to fulfill informational requirements for distribution established in accordance with the GUC Trust Agreement, but subsequently fulfilled such information requirements.

The distributions during the year ended March 31, 2019 consisted of distributions to holders of Allowed General Unsecured Claims who previously failed to fulfill information requirements for distribution established in accordance with the GUC Trust Agreement, but subsequently fulfilled such information requirements.

The distributions during the year ended March 31, 2018 consisted of distributions to (a) holders of Allowed General Unsecured Claims who previously failed to fulfill informational requirements for distribution established in accordance with the GUC Trust Agreement, but subsequently fulfilled such information requirements and (b) holders of certain Resolved Term Loan Avoidance Action Claims. The obligation to distribute Distributable Cash to holders of GUC Trust Units for excess distributions payable at March 31, 2018 decreased from such balances at March 31, 2017, resulting in a net reversal of liquidating distributions of $6.9 million during the year ended March 31, 2018.

The GUC Trust was obligated as of March 31, 2020 to distribute Distributable Cash of $2.4 million to certain holders of Allowed General Unsecured Claims who had not then satisfied certain informational requirements necessary to effect the distribution to which they are entitled.