Global Motorsport liquidation plan wins approval of most creditors

By Caroline Salls

Pittsburgh, Dec. 4 - Global Motorsport, Inc.'s plan of liquidation was accepted by a majority of voting creditors, although one creditor class rejected it, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

All four holders of $15,828 in priority claims and the one holder of $138.35 million in lender group claims voted to accept the plan.

Meanwhile, the one holder of $26,738 in other secured claims voted to reject the plan.

In addition, 49 holders, or 94.23% in number, of $7.26 million, or 78.18% in amount, of general unsecured claims voted to accept the plan, while three holders, or 5.77% in number, of $2.03 million, or 21.82% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Tuesday.

Global Motorsport, a Morgan Hill, Calif.-based wholesale distributor of aftermarket motorcycle parts and accessories, filed for bankruptcy on Jan. 31, 2008. Its Chapter 11 case number is 08-10192.

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