Bankrupt flower and gift company FTD Companies Inc., now known as GUE Liquidation Companies Inc., filed a Chapter 11 liquidation plan without indicating what creditors can expect to recover.
The plan and accompanying disclosure statement, filed Sept. 18 in the Delaware bankruptcy court, calls for creating two liquidating trusts—one for the debtor and another for a creditor committee.
The committee trust will pay an unspecified amount to unsecured creditors who have $75 million to $85 million of claims. The trust will be funded by any recoveries in “avoidance actions"—lawsuits for a bankruptcy estate to recover assets transferred prior to the ...
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