The court confirmed the joint Chapter 11 plan proposed by New Meatco Provisions and the Official Committee of Unsecured Creditors after an Aug. 18 hearing, resolving objections from Morad Harouni, Meatco Provisions, Inc. and Monarch Trading LLC. The order binds creditors and equity holders, transfers estate property, cash, causes of action and D&O claims to a Liquidating Trust on the effective date, appoints Howard Grobstein as liquidating trustee, and rejects most executory contracts and leases, with rejection-damages claims due within 30 days of notice or the confirmation order source filing.

Case context: New Meatco filed Chapter 11 on May 8, 2013 from Los Angeles after operating as an importer and distributor of refrigerated and frozen meat, poultry and seafood, including the King Seafood brand, serving about 2,000 Hispanic grocery stores and bodegas in Southern and Central California source filing source filing. At the petition date it had about $894,887 of assets against $39.4 million of liabilities, including about $3.95 million owed under the Wells Fargo prepetition facility, $14.13 million under the second-lien loan, a $5 million Old Meatco note and $16.29 million of unsecured claims. The confirmed plan pays Wells Fargo from collateral and Harvest collections, splits the second-lien claim into a $7.0 million unsubordinated tranche and a $7.329 million subordinated tranche, and leaves unsecured-creditor recovery tied to trust assets and litigation proceeds source filing.