Workflow Management plan gets mixed reviews from voting creditors

By Caroline Salls

Pittsburgh, Feb. 23 - Workflow Management, Inc.'s plan of reorganization got mixed reviews from voting creditors as four of 10 creditor classes voted unanimously to accept the plan and one voted unanimously to reject it, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Specifically, all 26 holders of $136.83 million in first-lien lender claims voted to accept the plan, as did all 17 holders of $190.95 million in second-lien lender claims, all 15 holders of $18.44 million in multi-debtor general unsecured claims and the three holders of $674,898 in The Relizon Co. other secured claims.

The one holder of $89,165 in Relizon (Texas) Ltd. LLP other secured claims voted to reject the plan.

The voting results from other classes included:

• Four holders of $74,050 in Workflow Management, Inc. other secured claims voted to accept the plan, while one holder of $26,273 voted to reject it;

• One holder of $3,545 in SFI Puerto Rico, Inc. non-holdco debtors general unsecured claims voted to accept the plan, while one holder of $5,027 voted to reject it;

• A total of 119 holders of $5.08 million in The Relizon Co. non-holdco debtors general unsecured claims voted to accept the plan, while 51 holders of $3.28 million voted to reject it;

• A total of 157 holders of $3.16 million in Workflow Management, Inc. non-holdco debtors general unsecured claims voted to accept the plan, while 26 holders of $279,069 voted to reject it; and

• A total of 24 holders of $209,197 in Workflow Solutions LLC non-holdco debtors general unsecured claims voted to accept the plan, while five holders of $20,134 voted to reject it.

The plan confirmation hearing is scheduled for Feb. 24.

Workflow Management, a Dayton, Ohio-based provider of end-to-end business management outsourcing services to commercial customers, filed for bankruptcy on Sept. 29. The Chapter 11 case number is 10-74617.

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