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Freedom Industries Inc., whose leaking chemical tank made much of West Virginia’s water undrinkable early this year, filed a proposed Chapter 11 plan under which proceeds from a settlement with ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Specialty Insurance Co. will go to nonprofit organizations benefiting the community.

Freedom has $4.5 million in cash on hand. After paying professionals and other creditors entitled to priority, it expects to have $834,000 for unsecured creditors’ claims, which may total $8.5 million. Assuming the claims don’t come in higher, unsecured creditors will get a 9.8 percent recovery, according to the disclosure.

There’s also a class action on behalf of everyone else with claims arising from the spill. Freedom has a tentative settlement for the class to receive $2.9 million from ÌìÃÀÍøÕ¾´«Ã½´«Ã½. The agreement takes up almost all of the $3 million in coverage provided by the policy. Under the plan, the money from ÌìÃÀÍøÕ¾´«Ã½´«Ã½ won’t go to the class claimants themselves but to nonprofit organizations “for the general good of the community of Charleston.”

A bankruptcy judge must rule on the proposal.