United Subcontractors plan largely accepted; one class dissents

By Caroline Salls

Pittsburgh, June 23 - United Subcontractors, Inc.'s plan of reorganization was approved by a majority of voting creditors, although more than half of the rejection claims class turned it down, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, 70 holders, or 72% in number, of $228.75 million, or 72% in amount, of first-lien secured claims voted to accept the plan, while 27 holders of $42.45 million of these claims, or 28% in number and amount, abstained.

All 21 holders of $62.99 million in second-lien secured claims voted in favor of the plan.

Meanwhile, three holders of $3 in rejection claims voted to accept the plan, representing 42.86% in both number and amount, and four holders of $4 of these claims, or 57.14% in number in amount, voted to reject it.

The plan confirmation hearing is scheduled for Thursday.

United Subcontractors, an Edina, Minn.-based installer of residential and commercial insulation systems and provider of related products and services, filed for bankruptcy on March 31. The Chapter 11 case number is 09-11150.

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