Ultimate Escapes Holdings' creditors vote to accept liquidating plan

By Jim Witters

Wilmington, Del., Dec. 5 - Ultimate Escapes Holdings LLC's creditors voted to accept the company's Chapter 11 plan of liquidation, according to documents filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Terri Marshall of BMC Group, Inc. reported the results.

The plan confirmation hearing is scheduled for 10 a.m. ET on Dec. 8.

Among holders of allowed unsecured claims, 377 voted to accept the plan, representing $91.9 million, or 92.51%. Fifty rejected the plan, representing $7.4 million, or 7.49%.

The lone holder of an allowed other secured claim of $4,139 rejected the claim.

Creditor treatment

Treatment of creditors will include the following:

• The company's pre-bankruptcy secured lender will receive the proceeds of Ultimate Escapes' asset sale, up to the amount of its credit bid;

• The post-bankruptcy secured lender claim will be satisfied under the CapitalSource settlement;

• Tax and other priority claims will be paid in full in cash;

• Holders of other secured claims will either be paid in full in cash, receive the property securing their claims or retain their liens;

• Holders of general unsecured claims will receive a share of an unsecured claims distribution; and

• Interest holders will receive no distribution.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20, 2010. The Chapter 11 case number is 10-12915.

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