Voyager filed its Disclosure Statement and First Amended Plan (Plan) on Friday, August 12. A primary purpose of a Chapter 11 plan is to define how creditors’ and customers’ claims are proposed to be treated. For a business such as Voyager’s, the plan would be expected to include how customers’ claims will be treated. A disclosure statement typically describes the plan, the debtors’ history, events leading to bankruptcy, and for debtors that intend to operate after bankruptcy, includes projections of its future under the plan (along with a liquidation analysis to compare the plan with a liquidation of the debtors).
Calling Voyager’s Plan a shell is an overstatement to anyone who has ever searched for crustaceans by the seashore. It does not indicate what customers or creditors will receive. It does not indicate what Voyager’s future will or may hold, since the bidding process is still underway and there is no way to know whether there will be one or more “white knights” or if Voyager will seek to keep existing management in charge.
