Sur La Table liquidation plan OK’d by majority of voting creditors

By Sarah Lizee

Olympia, Wash., Oct. 19 – Sur La Table, Inc.’s first amended joint plan of liquidation was accepted by a majority of voting creditors, according to a ballot report filed Friday in the U.S. Bankruptcy Court District of New Jersey.

Specifically, the one holder of $45,365,271.97 of class 4 ABL secured claims and the one holder of $37,477,967.84 of class 5 term loan secured claims voted to accept the plan.

Meanwhile, 58 holders, or 92.06% in number, of $26,419,488.16, or 99.49% in amount, of class 6 general unsecured claims voted to accept the plan, while five holders of $135,041.77 of the claims voted to reject it.

The plan vests all unencumbered cash in a liquidation trust for the purpose of distribution to holders of allowed claims, provides for the full and final resolution of funded debt obligations and designates a liquidation trustee to wind down the debtors’ affairs.

It also provides for full recoveries for holders of administrative claims, professional fee claims, secured tax claims, priority tax claims, other secured claims and other priority claims.

Holders of allowed class 4 ABL secured claims and allowed class 5 term loan secured claims will receive their pro rata share of encumbered cash.

Holders of allowed general unsecured claims will receive their pro rata share of beneficial trust interests, which will entitle holders to receive their pro rata share of liquidation trust assets.

Existing intercompany claims and existing interests will be cancelled without any distribution.

A hearing to approve the disclosure statement on a final basis and confirm the plan is scheduled for Oct. 21.

Sur La Table is a Seattle-based home furnishings retailer. The company filed bankruptcy on July 8 under Chapter 11 case number 20-18368.

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