Large Case Plans and Disclosure Statements: October 25 to 31, 2026

Large Case Plans and Disclosure Statements, October 25 to 31, 2026 | Stretto Intelligence
Research Suite by Stretto
Special Report

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%.

Prepared by Research Suite by Stretto November 2026 28 chapter 11 cases with $100M+ in assets reviewed
Section I

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.

Plans confirmed
2
Republic National; Stream TV
Effective dates noticed
4
Stream TV, Paragon, Linqto, Simply Interior Homes
New or amended plans filed
3
Phoenix Fund, 50 Sussex, 9300 Wilshire
Exclusivity filings
5
Two orders, two debtor motions, one creditor motion

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.

Substantive plan and disclosure statement events by type, Oct. 25 to Oct. 31, 2026
Exclusivity filings
5
Effective date notices
4
Plans or DS filed
3
Confirmation orders
2
DS approval or scheduling
2
Confirmation objections
2
Plan support agreement
1

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.

Section II

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).

100%
Class 3: Prepetition ABL/FILO claims
Holders accepting
12 of 12
Amount accepting
$44,598,691.67
Result
Accept, at every debtor
95.73%
Class 7: General unsecured claims at RNDC LLC, rejecting by amount
Holders
77 accept / 243 reject (75.94% reject)
Amount
$42.49M accept / $952.88M reject
Result
Reject, at every debtor tabulated

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%.

Class 7 general unsecured claims: percentage of amount voted that rejected, by debtor
RNDC LLC (lead)
95.73%
RNDC Michigan Holdings
91.34%
RNDC (Nebraska)
73.33%
RNDC of North Dakota
73.28%
K&L Beverage
70.34%
RNDC Alaska
68.53%
8201 Associates
66.10%
RNDC Arkansas
65.58%

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.

Section III

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).

August 27, 2026
Trustee files the plan (D.I. 1275) and disclosure statement (D.I. 1276)
September 9, 2026
Disclosure statement and solicitation order (D.I. 1291)
October 27, 2026
Confirmation hearing (Dkt. 1324)
October 29, 2026
Confirmation order entered (Dkt. 1326)
October 30, 2026
Effective date; plan substantially consummated; all executory contracts and unexpired leases rejected (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.

Section IV

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.

Class 3 allowed claims
$35.8M
Prepetition first lien
Class 3 cash pool
$50,000
Implied recovery
0.14%
Lost sale value
~$19M
Delphinus sale terminated after plan filed

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.

Section V

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.

Section VI

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.

Section VII

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.

Section VIII

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.

Section IX

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).

Section X

The calendar ahead

November 4, 2026
50 Sussex: hearing on conditional approval of BPT 5OS Funding's combined plan and disclosure statement
November 5, 2026
Archdiocese of San Francisco: status conference on the confirmation schedule
November 10, 2026
Leslie's: disclosure statement objection deadline
November 13, 2026
Leslie's: disclosure statement hearing
November 16, 2026
Apple Tree Life Sciences: objections due on plan support agreement motion
November 18, 2026
DISH Wireless: approximate objection deadline on exclusivity extension (21 days from filing)
November 27, 2026
Paragon Industries: administrative claims bar date
December 8, 2026
The Phoenix Fund: proposed voting deadline
December 31, 2026
Genesis Healthcare: extended exclusivity expires
January 18, 2027
Leslie's: RSA emergence milestone (110 days after petition date)
Appendix

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.

About This Report: This report reviews plan, disclosure statement, voting and exclusivity activity filed between October 25 and October 31, 2026 in chapter 11 cases that reported $100 million or more in assets at filing. Cases were identified in Research Suite by Stretto by searching for docket entries of plan and disclosure statement types and topics, exclusivity topics and section 1129 references within that window. Each case's docket for the week was then reviewed and key documents were read. Facts attributed to objections are presented as the objecting party states them. Proposed plans, dates and terms remain subject to court approval, objection and amendment, and confirmation is not assured for any pending plan.

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