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The court entered the plan confirmation order, approving the combined disclosure statement and confirming Worldwide Machinery’s wind-down plan following the October 28 sale of substantially all assets. The ABL and general unsecured classes voted to accept; the impaired Caspian class was deemed to accept, with Caspian’s loan claims allowed at $72,686,468.71, while parent-company equity was deemed to reject. The ruling moves the case from asset disposition to claims resolution, distributions, and pursuit of retained estate claims.
Claritas Advisors LLC will serve as plan administrator, and Joe McInnis will become the wind-down debtors’ sole director and officer. The creditors’ committee will dissolve on the effective date, subject to limited fee and appellate matters, and remaining executory contracts and leases generally were rejected as of confirmation. All cases other than the lead WWM Liquidation case will close on the effective date. Claimants should now track the forthcoming administrative-claims bar date, effective-date funding of the professional-fee escrow, and the plan administrator’s distribution and retained-claim activity.
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