Court sets liquidation plan voting and confirmation timetable
The court set a September 1 confirmation hearing for GBI Services’ joint liquidation plan, with ballots due August 17 at 5:00 p.m. ET and confirmation objections due August 20 at 4:00 p.m. ET. The solicitation procedures order also requires creditors disputing the amount or classification of claims for voting purposes to object by July 23, putting an immediate deadline in front of affected parties.
Under the solicitation version of the liquidation plan, Class 3A general unsecured creditors are projected to recover 1.5%, while Class 3B convenience creditors are projected to receive 5%; both classes are impaired and entitled to vote. Intercompany claims and equity receive no recovery. Distributions would come from cash on hand after funding wind-down reserves, making the August 17 vote the principal near-term leverage point for unsecured creditors facing deeply discounted recoveries.