Court confirms fourth amended reorganization plan
The court confirmed Apex Xpress’ Fourth Amended Chapter 11 Plan one day after the debtor filed the operative version, approving modifications that did not materially or adversely change creditor treatment source filing source filing. Classes 2, 4, and 5 were impaired and voted to accept; Classes 1 and 3 were unimpaired and deemed to accept; Class 6 equity was impaired, received no distribution, and was deemed to reject. The court overruled unresolved objections and confirmed over Class 6 under cramdown, finding the plan satisfied best-interests and feasibility requirements source filing.
The plan leaves Freedom Bank with its lien and 60 monthly principal-and-interest payments beginning 60 days after the effective date, pays other secured claims under their agreements, pays assumed obligations over 60 equal monthly installments, and sends general unsecured creditors to a litigation-trust recovery pool source filing. New-money investors receive 100% of the reorganized debtor’s voting equity, with funding from cash, future operations, new capital, an exit facility capped at $800,000, and litigation-trust assets source filing.