Z Gallerie plan unanimously accepted by two of three voting classes

By Caroline Salls

Pittsburgh, June 10 – Z Gallerie, LLC’s Chapter 11 plan was unanimously accepted by two of three voting creditor classes, according to a ballot summary filed with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the one holder of $500,000 in secured revolving loan claims and all nine holders of $19.12 million in secured term loan claims voted to accept the plan.

In addition, 41 holders, or 80.4% in number, of $4.77 million, or 80.1% in amount, of general unsecured claims voted to accept the plan, while 10 holders, or 19.6% in number, of $1.19 million, or 19.9% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for June 11.

Z Gallerie is a Gardena, Calif.-based furniture retailer. It filed bankruptcy on March 11 under Chapter 11 case number 19-10488.

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