Large Case Plans and Disclosure Statements: October 25 to 31, 2026
Republic National Distributing's liquidating plan was confirmed over a general unsecured class that rejected it by 95.7% in amount, Stream TV went from confirmation hearing to effective date in three days, and the creditors' committee in The Dolphin Company case challenged a plan that pays its only voting class 0.14%.
The week in numbers
Research Suite identified 28 chapter 11 cases with $100 million or more in assets at filing that recorded plan, disclosure statement, voting or exclusivity docket activity between Sunday, October 25 and Saturday, October 31, 2026. Each docket was reviewed for that window. Seventeen produced a substantive event; the remainder carried post-confirmation administration, individual ballots or routine declarations.
Both confirmed plans are liquidating plans, as are three of the four plans that went effective. Leslie's, with a disclosure statement hearing set for November 13, is the next plan of reorganization in this group to reach a court date.
Source: Research Suite by Stretto docket review, cases with $100M+ assets at filing, filing dates Oct. 25 to Oct. 31, 2026. Events counted once per case and type; DS approval or scheduling counts the San Francisco archdiocese tentative approval and the Leslie's scheduling order.
Republic National Distributing: confirmed over a rejecting unsecured class
On October 27, the Southern District of Texas held a combined hearing in Republic National Distributing Company, LLC, gave final approval to the amended disclosure statement and confirmed the debtors' second amended joint chapter 11 plan (Dkt. 731). Republic National, a wine and spirits wholesaler, reported $700 million in assets and $3 billion in annual revenue when it filed on July 26, 2026. The confirmation order describes wind-down transactions, and Research Suite classifies the plan as a plan of liquidation. Petition to confirmation took three months and a day.
The path ran through a hostile vote. The disclosure statement was conditionally approved on September 10, voting and objections closed October 15, and the combined hearing slipped from October 22 to October 27. The creditors' committee first told general unsecured creditors to hold their ballots and, on October 8, recommended that they reject the plan and opt out of its releases. The voting tabulation filed on October 26 shows how that advice landed (Dkt. 718).
Source: Republic National Distributing Company, LLC, No. 26-90737 (Bankr. S.D. Tex.), Dkt. 718, Ex. A at 2 (tabulation on the First Amended Joint Plan). Class 6 (ABL/FILO deficiency claims) also accepted unanimously.
The general unsecured class rejected at each of the eight debtors on the first page of the tabulation, by amounts ranging from 65.6% to 95.7%.
Source: Dkt. 718, Ex. A at 2. Acceptance under section 1126(c) requires two-thirds in amount and more than half in number of claims voted.
A plan cannot be confirmed over an impaired rejecting class without satisfying section 1129(b), so the confirmation order necessarily rests on cramdown findings as to Class 7. On the day of the hearing, the debtors filed an amended plan supplement and the committee filed notice of its selection of a litigation trustee (Dkt. 727). The terms on which the committee's opposition was addressed are set out in the 186-page confirmation order.
Two classes, one set of lenders
$111.84The ABL/FILO deficiency class, a second accepting impaired class, carried $111.84 in voted claims from 12 holders, the same number of holders that voted the $44.6 million secured class. Against nearly $1 billion of rejecting unsecured claims at the lead debtor alone, the accepting side of this vote was a dozen holders.
Stream TV: three days from hearing to effective date
Stream TV Networks, Inc., a 2023 filing in the Eastern District of Pennsylvania that reported $500 million in assets, reached the end of a long road. The chapter 11 trustee's first amended joint plan of liquidation, covering Stream TV and Technovative Media, went to a confirmation hearing on October 27. The confirmation order was entered October 29 (Dkt. 1326), and the trustee noticed confirmation and the occurrence of the effective date on October 30 (Dkt. 1328).
The order approves the plan's release, exculpation, injunction and gatekeeper provisions. Rejection damages claims are due within 30 days after service of the effective date notice.
The Dolphin Company: a committee challenges a 0.14% voting class
The creditors' committee in Leisure Investments Holdings LLC (The Dolphin Company), pending in the District of Delaware with $161 million in reported assets, objected on October 30 to confirmation of the debtors' combined and amended plan and disclosure statement (Dkt. 1600). The facts below are as the objection presents them.
The plan is a liquidating plan built on a liquidation trust waterfall: the carve-out first, then the DIP lenders' expense reimbursement, then a lender-controlled wind-down reserve, then a $50,000 cash pool for Class 3, then DIP superpriority claims. According to the committee, administrative, priority tax and other priority claims are not provided for in that waterfall. Class 3, the prepetition first lien class, is the only voting class.
Source: Leisure Investments Holdings LLC, No. 25-10606 (Bankr. D. Del.), Dkt. 1600 at 2 (objection of the official committee of unsecured creditors).
The committee characterizes Class 3 as a manufactured impaired accepting class: its holders rolled $86 million of prepetition first lien debt into the DIP, so the residual first lien claims vote for a plan whose real economics run through their DIP position. Class 5 general unsecured creditors receive nothing. The objection presses three grounds: failure to pay administrative and priority claims as section 1129(a)(9) requires, the absence of a legitimate accepting impaired class under section 1129(a)(10), and the scope of the lender releases.
The section 1129(a)(10) argument goes to how far a proponent may go in designing a class whose acceptance is assured. A 0.14% recovery to holders who are also the DIP lenders puts that question squarely before the court.
The Phoenix Fund: a receiver's liquidating plan, lender-funded
On October 30, Driven P.S.C., the receiver serving as debtor in possession for The Phoenix Fund LLC in the District of Puerto Rico ($566 million in reported assets), filed a chapter 11 plan of liquidation (Dkt. 570), a disclosure statement (Dkt. 569) and a motion for conditional approval, a combined hearing and solicitation procedures on a shortened seven-day objection period (Dkt. 571). The disclosure statement describes the plan as consensual and supported by the prepetition lenders, FCS Advisors (Brevet Capital Advisors) and Global Liquidity Services (VendorPayment).
| Term | As proposed |
|---|---|
| Litigation trust funding | $4,000,000 from cash collateral, funded by prepetition lenders |
| Professional fee escrow | $2,500,000 |
| Lender treatment | Assigned assets and causes of action in full satisfaction of secured claims |
| Unsecured waterfall | 100% of net litigation trust proceeds to allowed general unsecured claims (other than lenders) until they receive $25,000,000; then 50/50 with the lenders' subordinated unsecured claim |
| Estimated estate assets | Approximately $243.72 million |
| Prepetition lender allowed claims | $363,706,935.74 |
| Avoidance actions to trust | Over $55 million by face or transfer amount |
| Litigation trustee | The receiver |
| Proposed voting deadline | December 8, 2026 |
Source: The Phoenix Fund LLC, No. 26-00712 (Bankr. D.P.R.), Dkt. 569 at 1, 4. Proposed terms; the disclosure statement has not been approved.
Under the proposed waterfall, unsecured creditors other than the lenders take the first $25 million of net litigation recoveries before the lenders' subordinated unsecured claim participates at all.
Leslie's and the San Francisco archdiocese: disclosure statements on deck
Leslie's, Inc.
The pool supply retailer filed its joint plan of reorganization and disclosure statement on October 20 (Dkts. 166, 167) in the Southern District of Texas, three weeks after its September 30 petition. On October 27, the court entered an order shortening notice (Dkt. 207) that sets the disclosure statement objection deadline at November 10, 2026 at 4:00 p.m. CT and the disclosure statement hearing at November 13, 2026 at 4:00 p.m. CT. The disclosure statement describes a restructuring support agreement signed on the petition date with an ad hoc group holding more than 80% of prepetition term loan claims, and RSA milestones that require emergence within 110 days of the petition date, which falls on January 18, 2027. Leslie's reported $722 million in assets and $1.24 billion in annual revenue at filing.
The Roman Catholic Archbishop of San Francisco
At an October 28 hearing in the Northern District of California, the court tentatively approved the disclosure statement for the joint plan (Dkts. 1933, 1934; motion at Dkt. 1935), with counsel to submit an agreed order (minute entry). The approval came two days after a group of insurers, including Century Indemnity, Pacific Indemnity, Westchester, Lloyd's and London Market insurers, Travelers, Continental, Fireman's Fund, Chicago Insurance, St. Paul and Westport, objected to the revised disclosure statement and solicitation procedures (Dkt. 2025). Century will brief the confirmation schedule ahead of a November 5 status conference, and the debtor may respond. The case has been pending since August 2023.
DISH Wireless asks for more time
The DISH Wireless debtors filed their first motion to extend the exclusive periods to file and solicit a plan on October 28 (Dkt. 1838), in a case filed on June 30, 2026 with a prepackaged plan implementing a restructuring support agreement. The motion attributes the delay to disputes over billions of dollars in tower lease and network claims, over the classification, treatment and voting of an intercompany loan claim, and over value allocation. The current plan is the fourth iteration, filed September 12, 2026.
Two details from the motion frame the dispute. EchoStar funded a $2.4 billion FCC trust as a condition of the FCC-directed spectrum sales, and eligible creditors can recover up to 100% from that trust. The debtors also state that confirmation does not depend on allowance of the intercompany loan claim, with the omnibus claims objection to proceed after emergence. The same week, the DISH Wireless debtors terminated EchoStar's stalking horse agreement for certain of their assets, a development covered in the companion asset sale report.
Exclusivity across large cases
Five large cases recorded exclusivity filings, and they cover the full range of postures: a debtor seeking more time, a creditor seeking to end it, and extensions granted after a plan was already confirmed.
| Case | Court | Filing | Outcome or deadline |
|---|---|---|---|
| DISH DBS / DISH Wireless | S.D. Tex. | Debtors' first motion to extend (Dkt. 1838, Oct. 28) | Objections due 21 days after filing |
| Trajector Holdings | M.D. Fla. | Debtors' motion to extend (Dkt. 383, Oct. 30) | Pending; sale of substantially all assets underway |
| Saint Augustine's University | E.D.N.C. | Self-Help Ventures Fund motion to limit or terminate exclusivity (Dkt. 200, Oct. 30) | Pending |
| Genesis Healthcare | N.D. Tex. | Order extending exclusivity to amend, modify and resolicit (Dkt. 3714, Oct. 28) | Through Dec. 31, 2026; plan confirmed Oct. 14 |
| Paragon Industries | E.D. Okla. | Order granting fifth extension (Dkt. 1537, Oct. 28) | Solicitation to Jan. 11, 2027, per docket text; plan already effective |
Source: Research Suite by Stretto, docket entries as linked.
Saint Augustine's University ($150 million in reported assets, filed April 27, 2026) is the only case in the group where a creditor is moving to break exclusivity. In Genesis Healthcare, the extension preserves the debtors' exclusive right to amend, modify and resolicit after confirmation.
Effective dates and new filings
Four large cases reached their effective dates during the week.
| Case | Court | Plan | Confirmed | Effective |
|---|---|---|---|---|
| Linqto Texas, LLC | S.D. Tex. | First modified plan, approved under section 1127 on Oct. 23 (Dkt. 2171) | Feb. 13, 2026 | Oct. 27 (Dkt. 2185) |
| Paragon Industries, Inc. | E.D. Okla. | Second amended plan of liquidation | Oct. 19, 2026 | Oct. 28 (Dkt. 1535) |
| Stream TV Networks, Inc. | E.D. Pa. | Trustee's first amended joint plan of liquidation | Oct. 29, 2026 | Oct. 30 (Dkt. 1328) |
| Simply Interior Homes, LLC | D. Del. | Second amended first modified combined DS and plan of liquidation | Sept. 21, 2026 | Oct. 30 (Dkt. 514) |
Source: Research Suite by Stretto, effective date notices as linked.
Linqto's path is the unusual one: a plan confirmed in February, modified under section 1127 in October, and effective four days after the modification order. Paragon's notice sets an administrative claims bar date of November 27, 2026.
Three further filings opened new plan processes. In 50 Sussex Redevelopment Urban Renewal LLC (District of New Jersey), lender BPT 5OS Funding LLC filed a creditor-proposed combined plan and disclosure statement, classified as a plan of liquidation, with a motion for conditional approval and solicitation procedures on shortened time (Dkt. 106); the court's October 29 adjournment notice sets the hearing for November 4 at 2:00 p.m. (Dkt. 110). In 9300 Wilshire LLC (Central District of California), the debtor filed its third amended combined disclosure statement and plan on October 28 (Dkt. 767), the same day creditor AES Redondo Beach withdrew from the competing plan process while reserving its rights. In Apple Tree Life Sciences (District of Delaware, $1.5 billion in reported assets), ATP Life Science Ventures moved for authority for the fund debtor to enter into a plan support agreement, with objections due November 16 (Dkt. 1282).
The calendar ahead
Large cases reviewed with minor or post-confirmation activity only
The following cases appeared in the search but recorded only routine or post-confirmation plan activity during the week. ASP Unifrax Holdings filed supplemental claims agent declarations on third-party release opt-ins. Invitae filed post-confirmation quarterly reports. In 23andMe, the plan administration trust, the wind-down debtor and the People of the State of California filed a global settlement and agreed order, and a creditor filed a limited objection on distribution procedures. Voyager Aviation's wind-down debtors noticed a final distribution of remaining assets. Cambrian Holding obtained an order approving final distribution procedures. The Archdiocese of New Orleans, Lodging Enterprises and Harvest Sherwood Food Distributors recorded post-confirmation matters. FreshRealm filed final fee applications alongside appellate record designations on its plan appeal. IPIC Theaters recorded individual accepting ballots. Brewster Heights Packing & Orchards drew a confirmation objection from Wilbur-Ellis Company. The Roman Catholic Bishop of Oakland filed ordinary-course professional statements.