Court sets Lugano liquidation plan on path to confirmation
The court approved Lugano’s disclosure statement on an interim basis and authorized solicitation and tabulation procedures for its Chapter 11 liquidation plan. The solicitation procedures order established July 14 at 4:00 p.m. ET as the voting record date and required solicitation packages to be mailed by July 21.
The plan supplement is due August 11 at 4:00 p.m. ET. Ballots and confirmation objections are both due August 18 at 4:00 p.m. ET, followed by a proposed confirmation order on August 27 at noon and a combined disclosure-statement and confirmation hearing on August 31 at 11:00 a.m. ET. The order moves the case from plan negotiation into a six-week solicitation and confirmation process, giving creditors a firm deadline to evaluate recoveries, vote, and preserve confirmation challenges.