The U.S. Bankruptcy Court for the District of Utah has issued an order conditionally approving Vobev LLC's combined disclosure statement and liquidation plan for solicitation purposes, establishing comprehensive procedures for the voting process that will determine the beverage manufacturer's path forward in bankruptcy.
Judge Joel T. Marker's order, filed March 19, 2025, outlines the framework for soliciting votes from creditors and sets a timeline for the company's Chapter 11 proceedings, with a confirmation hearing scheduled for April 23, 2025.
The court document primarily addresses procedural matters rather than confirming the plan itself, focusing on establishing voting deadlines, ballot approval, and solicitation protocols. These procedures will govern how the approximately $308.7 million in prepetition lenders' deficiency claims and $31.9 million in general unsecured claims will be tabulated toward potential plan approval.
"The court hereby finds that the legal and factual bases set forth in the Motion and at the hearing on the Motion establish just cause for the relief granted herein," the order states, noting that only certain classes of creditors will be eligible to vote on the plan.
Key dates established in the order include:
- Voting Record Date: March 18, 2025
- Solicitation Bar Date: April 4, 2025
- Plan Supplement Deadline: April 11, 2025
- Voting Deadline: April 18, 2025
- Confirmation Hearing: April 23, 2025
The order reveals that creditors may receive minimal recoveries under the proposed plan, with general unsecured creditors estimated to recover between 0% and 0.8% of their claims, while prepetition lenders with deficiency claims face potential recoveries of just 0% to 0.2%.
The document details specific voting procedures, including which creditors are entitled to vote, how ballots must be submitted, and the process for tabulating results. Only Classes 3 and 4 (Prepetition Lenders' Deficiency Claims and General Unsecured Claims) are entitled to vote, while other classes are either unimpaired or deemed to reject the plan.
Vobev is represented by Ray Quinney & Nebeker P.C. in Salt Lake City and Ropes & Gray LLP. The case is proceeding in the United States Bankruptcy Court for the District of Utah, Central Division (Case No. 24-26346).
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Link to full document: Order Conditionally Approving Combined Disclosure Statement and Plan for Vobev, LLC