Case timeline

1. Sep 272023
   Plan: Court confirms Surgalign wind-down plan

   The court approved Surgalign's disclosure statement and confirmed the joint Chapter 11 plan, moving the case from sale-driven restructuring into a court-approved wind-down. The confirmation order provides that, after the effective date, the debtors continue as Wind-Down Debtors to preserve retained estate claims, wind down remaining affairs, and liquidate remaining assets for wind-down beneficiaries.

   The order also locks in the plan's compromise architecture: eight classes of claims and interests, unimpaired treatment for Classes 1 and 2, impaired treatment for Classes 3 through 8, automatic rejection of most remaining executory contracts and unexpired leases as of confirmation, and debtor and third-party release provisions tied to the plan. For professionals tracking recoveries and post-sale litigation value, the key shift is that remaining economics now run through the confirmed wind-down framework rather than an open-ended operating case.

   Sources and provenanceSeptember 27, 2023