SiFi files liquidation plan and seeks September confirmation
SiFi Networks filed a combined disclosure statement and Chapter 11 liquidation plan that would consummate its asset sale, transfer remaining assets to a liquidation trust and distribute trust proceeds to creditors. Under the liquidation plan, DIP claims would be satisfied in full through the sale, priority claims would be paid in full, and the impaired general unsecured class—estimated at approximately $1.30 million—would receive pro rata liquidation-trust interests and vote on the plan. Approximately $23.06 million of intercompany claims could be reinstated, settled, canceled or otherwise addressed, while equity would be canceled without a distribution.
The conditional-approval motion sets an August 12 objection deadline and August 19 hearing on disclosure and solicitation procedures. SiFi proposes a September 15 voting deadline, September 18 confirmation-objection deadline and September 25 confirmation hearing. The filing moves the case from the sale process into the distribution phase, with unsecured recoveries dependent on liquidation-trust proceeds and the ultimate allowed-claims pool.