Former FTD files liquidation plan; disclosure hearing set for Oct. 23

By Caroline Salls

Pittsburgh, Sept. 19 – GUE Liquidation Cos., Inc., formerly FTD Cos., Inc., filed a plan of liquidation and related disclosure statement Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

A liquidation trust will be established under the plan to liquidate the company’s assets, reconcile some claims and make distributions to creditors.

Administrative expense claims, priority tax claims and priority claims will be paid in full in cash under the plan.

Holders of secured lender claims will receive a share of liquidating trust assets.

Holders of other secured claims will be paid in full in cash or receive the collateral securing their claims.

Holders of general unsecured claims will receive a share of committee liquidation trust assets.

Interests will be cancelled, and holders will receive no distributions.

The disclosure statement hearing is scheduled for Oct. 23.

FTD is a floral wire service based in Downers Grove, Ill. The company filed bankruptcy on June 3 under Chapter 11 case number 19-11240.

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