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The Relay Company (f/k/a The Rockport Company) – Files Combined Liquidating Plan and Disclosure Statement

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September 21, 2018 – The Relay Company (f/k/a The Rockport Company) filed a Combined Plan and Disclosure Statement [Docket No. 505]. The Court documents explain, “This Combined Plan and Disclosure Statement contemplates the creation of a Liquidating Trust from which, under the terms of this Combined Plan and Disclosure Statement and the Liquidating Trust Agreement, Distributions shall be made for the benefit of Holders of Allowed Claims against the U.S. Debtors. The Combined Plan and Disclosure Statement also contemplates the establishment of the Rockport Canada Fund from which, under the terms of this Combined Plan and Disclosure Statement and the Rockport Canada Plan Administrator Agreement, Distributions shall be made for the benefit of Holders of Allowed Claims against Rockport Canada….The Combined Plan and Disclosure Statement is a liquidating plan within the purview of Local Rule 3017-2. The Debtors seek to proceed under Local Rule 3017-2 for the following reasons: (a) Substantially all of the Debtors’ assets were sold during the course of the Chapter 11 Cases pursuant to the Sale, and the Combined Plan and Disclosure Statement provides for the proceeds from the Sale to be distributed to Holders of Allowed Claims in accordance with the terms of the Combined Plan and Disclosure Statement and the priority of Claims provisions of the Bankruptcy Code; (b) The Combined Plan and Disclosure Statement proposes to comply with Section 1129(a)(9) of the Bankruptcy Code (c) The Combined Plan and Disclosure Statement does not seek non-consensual releases with respect to Claims Creditors may hold against non-Debtor parties; and (d) The Debtors’ combined assets to be distributed to Holders of General Unsecured Claims pursuant to the Combined Plan and Disclosure Statement are estimated, in good faith, to be less than $25 million. The Debtors believe that the Combined Plan and Disclosure Statement provides the most efficient means to conclude the Chapter 11 Cases and distribute available assets to the Holders of Allowed Claims.” The confirmation hearing of the Plan is scheduled for November 28, 2018, with objections due by November 19, 2018. The deadline to submit Ballots to accept or reject the Combined Plan and Disclosure Statement on November 19, 2018. The Court scheduled an October 12, 2018 hearing to consider the combined Plan and Disclosure Statement motion, with objections due by October 5, 2018.
 
The following is a summary of claims, classes, voting rights and projected recoveries:
  • Class 1(a) (“Other Secured Claims against U.S. Debtors”) is deemed unimpaired and deemed to accept. Expected recovery is 100%.
  • Class 1(b) (“Other Secured Claims against Rockport Canada”) is deemed unimpaired and deemed to accept. Expected recovery is 100%.
  • Class 2 (“Prepetition Note Secured Claims against U.S. Debtors”) is deemed impaired and entitled to vote and expected recovery is 26% – 28%.
  • Class 3(a) (“Other Priority Claims against U.S. Debtors”) is deemed unimpaired and deemed to accept. Expected recovery is 100%.
  • Class 3(b) (“Other Priority Claims against Rockport Canada”) is deemed unimpaired and deemed to accept. Expected recovery is 100%.
  • Class 4(a) (“General Unsecured Claims against U.S. Debtors”) is deemed impaired and entitled to vote. Expected recovery is 0-8%.
  • Class 4(b) (“General Unsecured Claims against Rockport Canada”) is deemed impaired and entitled to vote. Expected recovery is 68% -80%.
  • Class 5(a) (“Intercompany Claims against U.S. Debtors”) is deemed impaired and deemed to reject. Expected recovery is 0%.
  • Class 5(b) (“Intercompany Claims against Rockport Canada”) is deemed impaired and deemed to reject. Expected recovery is 0%.
  • Class 6(a) (“Equity Interests in U.S. Debtors”) is deemed impaired and deemed to reject. Expected recovery is 0%.
  • Class 6(b) (“Equity Interests in Rockport Canada”) is deemed impaired and deemed to reject. Expected recovery is 0%.

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