Liquidating plan confirmed after creditor support
Choxi's corrected liquidation plan moved from solicitation to confirmation. The disclosure statement framed the economics starkly: about $576,976 of cash and customer-list/website value against a $2.211 million First Lien claim, $33 million of general unsecured claims, and projected 0.0% recoveries for all classes below the First Lien creditor source filing. The plan put Class 3 general unsecured creditors into a pro rata UC Funds waterfall, cancelled equity, and preserved estate assets and causes of action for post-effective-date administration source filing.
Both solicited classes, Class 1B First Lien claims and Class 3 general unsecured claims, voted to accept, giving the debtor an impaired accepting class for confirmation source filing. The plan supplement installed Tracy L. Klestadt as plan administrator with oversight committee consultation rights, and the court confirmed the plan on Dec. 18, 2017 source filing source filing. Amazon Web Services' confirmation-linked administrative expense and stay-relief dispute was then withdrawn with prejudice, preserving only a $74,158.55 general unsecured claim source filing.