LSC Communications plan accepted by all voting creditor classes

By Sarah Lizee

Olympia, Wash., Feb. 22 – LSC Communications, Inc.’s joint Chapter 11 plan of liquidation was accepted by all three voting creditor classes, according to a tabulation summary filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, 158 holders, or 99.37% in number, of $522.26 million, or 100% in amount, of junior remaining claims voted to accept the plan, while one holder, or 0.63% in number, of $7,236, or 0% in amount, voted to reject the plan.

Meanwhile, 685 holders, or 93.84% in number, of $158.3 million, or 99.23% in amount, of general unsecured claims voted to accept the plan, while 45 holders, or 6.16% in number, of $1.23 million, or 0.77% in amount, voted to reject the plan.

And, 352 holders, or 99.15% in number, of $96.75 million, or 99.76% in amount, of SERP claims voted to accept the plan, while three holders, or 0.85% in number, of $236,110, or 0.24% in amount, voted to reject the plan.

The plan provides for the distribution of proceeds from the sale of the company’s assets, and from the liquidation of the assets that remain after the sale, as previously reported.

Under the plan, holders of other priority claims will receive payment in full in cash.

Holders of other secured claims will receive payment in full in cash or the collateral securing their claims.

Holders of junior remaining claims will receive their pro rata share of the junior remaining claim distribution pool, subject to the unsecured claim pool.

Holders of general unsecured claims will receive their pro rata share of the unsecured claim pool and their pro rata share of the litigation trust interests.

Intercompany claims will be canceled, released or otherwise settled in full.

Intercompany interests, subordinated claims and equity interests in LSC will be canceled with no distribution.

A hearing on confirmation of the plan is scheduled for Feb. 24.

LSC is a Chicago-based provider of digital print, print-related services and office products. The company filed bankruptcy on April 13 under Chapter 11 case number 20-10950.

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