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USA Discounters plan unanimously approved by three creditor classes
By Caroline Salls
Pittsburgh, Feb. 17 – USA Discounters, Ltd.’s plan of liquidation was unanimously accepted by creditors in three of five voting classes, according to a ballot report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, all three holders of $33.84 million in pre-bankruptcy credit document claims, both holders of $31,672 in general unsecured claims against the holding company and both holders of general unsecured claims against the Credit LLC debtor voted to accept the plan.
A total of 161 holders, or 98.17% in number, of $7.56 million, or 94.97% in amount, of general unsecured claims against USA Discounters voted to accept the plan, while three holders, or 1.83% in number, of $400,454, or 5.03% in amount, of those claims voted to reject it.
In addition, 19 holders, or 90.48% in number, of $91,365, or 84.19% in amount, of opt-out claims voted to accept the plan, while two holders, or 9.52% in number, of $17,157, or 15.81% in amount, of those claims voted to reject it.
The plan confirmation hearing is scheduled for Feb. 27.
USA Discounters, a Norfolk, Va.-based retailer, filed for bankruptcy on Aug. 24, 2015. Its Chapter 11 case number is 15-11755.
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