Reorganization plan accepted 100% by every class of creditors submitting votes.
On May 30, the U.S. Bankruptcy Court for the District of Delaware confirmed the chapter 11 plan of reorganization for Willkie client Carey Limousine L.A., Inc. Carey L.A. is a wholly owned subsidiary of Carey Holdings, Inc., one of the world’s leading providers of chauffeured transportation services, and one of 46 companies that supply or arrange for chauffeured transportation services to travel markets throughout North America and overseas under the "Carey®" trademark. The confirmation order, signed by Judge Brendan L. Shannon, clears the way for the company to exit chapter 11 bankruptcy protection. The plan was extensively negotiated with the company’s largest secured and unsecured creditors and represents a settlement of material litigation concerning employee misclassification that threatened the company’s business model and viability. The plan was accepted 100% by every class of creditors submitting votes, an extraordinary result.
The matter is being handled by bankruptcy partners Marc Abrams and John Longmire, bankruptcy associates Jennifer Hardy and Alex Cannon, corporate partner Jeffery Goldfarb, corporate associate Sean Zoltek, and litigation partner Deirdre Hykal.