Global Home Products plan accepted by a majority of voting creditors

By Caroline Salls

Pittsburgh, Feb. 12 - Global Home Products LLC's plan of reorganization was accepted by a majority of voting creditors, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Voters in three creditor classes voted unanimously to accept the plan, including the one holder of $201.82 million in secured claims, the four holders of $2.65 million in other secured claims and the 19 holders of $6.46 million in 503(b)(9) claims.

A total of 230 holders, or 91.9% in number, of $23.91 million, or 87.38% in amount, of general unsecured claims voted to accept the plan, while 23 holders, or 9.09% in number, of $3.45 million, or 12.62% in amount, of these claims voted to reject it.

Also, two holders of non-GHPI equity interests voted to accept the plan, while two voted to reject it.

Although voters in the non-tax priority claims class did not include claim amounts on their ballots, 10 of them, or 55.56% in number, voted to accept the plan, while eight, or 44.44% in number, voted to reject it.

Global Home Products is a Westerville, Ohio-based designer, marketer and manufacturer of branded consumer and specialty products to retail and hospitality customers and original equipment manufacturers. The company filed for bankruptcy on April 10, 2006. Its Chapter 11 case number is 06-10430.

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