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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.
The court conditionally approved GBI Services’ amended combined liquidation plan and disclosure statement for solicitation, moving the case toward a September 1 confirmation hearing. Under the amended liquidation plan, general unsecured creditors are projected to recover 1.5% from residual cash and reserve proceeds, while convenience claims are projected to receive 5%. Those two impaired classes may vote; intercompany claims and equity are projected to recover nothing, and equity will be canceled. A plan administrator will oversee the post-effective-date wind-down.
The solicitation and confirmation procedures order sets an August 10 plan-supplement deadline, an August 17 voting deadline at 5:00 p.m. ET, and an August 20 plan-objection deadline at 4:00 p.m. ET. Confirmation is scheduled for September 1 at 10:00 a.m. ET. Creditors should now evaluate the proposed distributions and releases against a compressed solicitation calendar; claims challenged by July 23 are temporarily disallowed for voting purposes unless otherwise resolved.
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