BankruptcyData's detailed analysis and summary of Peekay Boutiques' Amended Joint Plan of Liquidation, dated November 4, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on November 15, 2017; however, an effective date has not yet been issued. BankruptcyData notes, "The Plan provides for the liquidation and sale of substantially all of the Debtor's Assets to the Buyer, subject in all respects to high and better offers pursuant to the Bid Procedures, under Bankruptcy Code section 363 pursuant to the Asset Purchase Agreement, dated August 9, 2017 between the Debtors and TLA Acquisition, Inc." BankruptcyData's Plan Summary continues, "The Liquidation Analysis for the Debtors state that the Seller Note Claims and Trade Vendor Claims will receive no distribution from the Debtors' Estates. Pursuant to the Global Settlement the Trade Creditors and the Seller Noteholders need to meet certain requirements to obtain such notes, including executing releases, and the Trade Vendors providing certain credit terms. These recoveries to holders of Trade Vendor & Seller Note Claims would otherwise be unavailable in a Chapter 7 liquidation." BankruptcyData premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to Peekay Boutiques' August 10, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
BankruptcyData's detailed analysis and summary of Midway Gold's Revised Second Amended Joint Chapter 11 Plan of Liquidation, dated October 18, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on November 15, 2017; however, an effective date has not yet been issued. BankruptcyData notes, "The Plan of Liquidation provides for the appointment of the Liquidating Trustee and for the transfer of substantially all of the Company's remaining assets to the Midway Liquidating Trust. The Liquidating Trustee will administer the Plan and the Midway Liquidating Trust." BankruptcyData's Plan Summary continues, "The Liquidation Analysis for the Debtors estimates the Cash Balance as of January 31, 2017 to be $19.2 million. The recovery rate to the Priority Non-Tax Claims is estimated to be 100%. The recovery rate to Unsecured Claims is estimated to be between 0% - 12%." BankruptcyData premium subscribers receive access to the full summary, which provides further details on corporate background, events leading to Midway Gold's June 22, 2015 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
WestMountain Gold filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can solicit plan acceptances through and including December 26, 2017. The motion explains, "The Debtors have taken a number of actions in this case to further the reorganization and have moved diligently to reorganize with the filing of a Plan of Reorganization. The Debtors are currently soliciting acceptances for their Plan, however the hearing on confirmation of the Plan is not until December 19, 2017. The Debtors are entitled to the benefit of an exclusive sixty day period to gain acceptance of their Plan provided it is filed during the exclusive period. The Debtors will not obtain this Bankruptcy Code provided benefit unless the exclusive period of 180 days is extended for the additional thirty days requested. 12. Providing the Debtors with a thirty day extension of §1121(c)(3) pursuant to §1121(d)(1) and (2)(B) is in the best interest of the Debtors and creditors of the estate since it will allow the Debtors an opportunity to resolve issues in the case with creditors, continue to reduce claims which is essential to the voting and distribution process, and work towards confirmation of the Plan."
TerraVia Holdings filed with the U.S. Bankruptcy Court a Combined Disclosure Statement and Chapter 11 Plan of Liquidation. According to the Disclosure Statement, "The Combined Disclosure Statement and Plan groups the Debtors together solely for the purposes of describing treatment under the Combined Disclosure Statement and Plan, confirmation of the Combined Disclosure Statement and Plan, and making distributions in accordance with the Combined Disclosure Statement and Plan in respect of Claims against and Interests in the Debtors under the Combined Disclosure Statement and Plan. Notwithstanding such groupings, the Combined Disclosure Statement and Plan constitutes a separate chapter 11 plan of liquidation for each Debtor. The Combined Disclosure Statement and Plan is not premised upon and will not cause the substantive consolidation of any of the Debtors….On the Effective Date, each holder of an Allowed Convenience Claim shall receive, in full satisfaction of its Allowed Convenience Claim, payment in Cash equal to such Allowed Convenience Claim; provided, however, that if the aggregate of all Convenience Claims exceeds the amount in the Convenience Claim Pool, each Class 4 Creditor shall receive its Ratable Share of the Convenience Claim Pool. Class 4 initially shall consist of all General Unsecured Claims that are not Notes Claims that total $20,000 or less. Payment to Class 4 is in lieu of any treatment as a Class 5 Creditor. Any unsecured creditor with a General Unsecured Claim that is not a Notes Claim above $20,000 electing treatment as a Convenience Claim must affirmatively do so on its Class 5 Ballot." The Court subsequently granted interim approval to the Combined Disclosure Statement and Chapter 11 Plan of Liquidation (for solicitation purposes only) and scheduled a January 8, 2018 hearing to consider a final confirmation order, with objections due by December 29, 2017.
21st Century Oncology Holdings' patient care ombudsman filed with the U.S. Bankruptcy Court a third report for the period of September 19, 2017 through November 16, 2017. The ombudsman says, "Based upon what I have observed at the management level and at the nine facilities I have visited in Florida and California, I do not believe that the bankruptcy has negatively impacted operations at the patient level and, if asked, I would continue to recommend 21st Century Oncology to any in need of the cancer care provided at their facilities….It is apparent to me after visiting six facilities in Florida and three facilities in California, in addition to multiple conversations with management and regional VPs, that patient care has not been impacted in any material manner by the bankruptcy cases. Management has done an excellent job of keeping the lines of communication open, proactively engaging with physicians and other employees to allay any concerns and arm them with useful information. Physician and employee retention appears to be stable, the delivery of supplies has not been interrupted, and the facilities continue to have access to state of the art technology for treatment. The physicians and other employees reported no changes that they have observed since the 11 bankruptcy filings. Of course, the sooner that the Debtors can emerge from bankruptcy, the better for all concerned. Not that emergence will improve patient care, which has continued to be at the highest level, but it will remove any cloud of uncertainty, particularly in the view of outsiders with whom certain of the facilities have been in discussion concerning potential synergies and growth opportunities."