Copia plan of liquidation hearing adjourned to Oct. 27

By Alice Popovici

New York, Aug. 14 - Copia: The American Center for Wine, Food and the Arts' liquidation plan hearing was adjourned to Oct. 27, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of California.

Under the court's rules, a Chapter 11 plan is confirmed at the initial hearing only if there are sufficient votes and no objections to confirmation, according to an attorney familiar with the case. The fact that there were technical objections required the judge to set a final hearing.

As previously reported, the plan was accepted by most voting creditors.

Specifically, the one holder of $77.61 million in ACA Financial Guaranty Corp. claims, all 21 holders of $53,214 in priority wage and benefit claims, all seven holders of $16,050 in priority consumer deposit claims and all 78 holders of $892,808 in general unsecured claims voted to accept the plan.

In addition, 645 holders of $36.65 million in 2007 bond claims voted to accept the plan, while 15 holders of $1.06 million of these claims voted to reject it.

Meanwhile, the one holder of $1.03 million in state of California claims voted to reject the plan.

Copia filed for bankruptcy on Dec. 1, 2008. Its Chapter 11 case number is 08-12576.

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