Former FTD receives bankruptcy court OK for plan of liquidation

By Caroline Salls

Pittsburgh, Dec. 19 – GUE Liquidation Cos., Inc., formerly FTD Cos., Inc., obtained confirmation of its plan of liquidation, according to an order filed Thursday 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.

FTD is a floral wire service based in Downers Grove, Ill. The company filed bankruptcy on June 3, 2019 under Chapter 11 case number 19-11240.

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