Case 20-11120-LSS Doc 1101 Filed 01/19/21 Page 1 of 97 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ---------------------------------------------------------------x : Chapter 11 In re: : : Case No. 20-11120 (LSS) COMCAR INDUSTRIES, INC., et al.,1 : : (Jointly Administered) Debtors. : ---------------------------------------------------------------x Related Docket No.: 1076 AMENDED COMBINED DISCLOSURE STATEMENT AND CHAPTER 11 PLAN OF LIQUIDATION Dated: January 19, 2021 Wilmington, Delaware DLA PIPER LLP (US) DLA PIPER LLP (US) Stuart M. Brown (DE 4050) Jamila Justine Willis (admitted pro hac vice) 1201 North Market Street, Suite 2100 1251 Avenue of the Americas Wilmington, Delaware 19801 New York, New York 10020 Telephone: (302) 468-5700 Telephone: (212) 335-4500 Facsimile: (302) 394-2341 Facsimile: (212) 335-4501 Email: [email protected] Email:[email protected] Counsel to the Debtors 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are: 9th Place Newberry, LLC (0359); 16th Street Pompano Beach, LLC (0278); CCC Spotting, LLC (0342); CCC Transportation, LLC (1058); Charlotte Avenue Auburndale, LLC (2179); Coastal Transport, Inc. (2918); Coastal Transport Logistics, LLC (7544); Comcar Industries, Inc. (8221); Comcar Logistics, LLC (2338); Comcar Properties, Inc. (9545); Commercial Carrier Corporation (8582); Commercial Carrier Logistics, LLC (7544); Commercial Truck and Trailer Sales Inc. (0722); Cortez Blvd. Brooksville, LLC (2210); CT Transportation, LLC (0997); CTL Distribution, Inc. (7383); CTL Distribution Logistics, LLC (7506); CTL Transportation, LLC (0782); CTTS Leasing, LLC (7466); Detsco Terminals, Inc. (9958); Driver Services, Inc. (3846); East Broadway Tampa, LLC (2233); East Columbus Drive Tampa, LLC (3995); Fleet Maintenance Services, LLC (1410); MCT Transportation, LLC (0939); Midwest Coast Logistics, LLC (7411); Midwest Coast Transport, Inc. (0045); New Kings Road Jacksonville, LLC (4797); Old Winter Haven Road Auburndale, LLC (4738); W. Airport Blvd. Sanford, LLC (0462); Willis Shaw Logistics, LLC (7341); WSE Transportation, LLC. The corporate headquarters and the mailing address for the Debtors listed above is 8800 Baymeadows Way West, Suite 200, Jacksonville, Florida 32256. EAST\178703208 - i - Case 20-11120-LSS Doc 1101 Filed 01/19/21 Page 2 of 97 TABLE OF CONTENT I. INTRODUCTION ............................................................................................................. 1 II. DEFINITIONS AND CONSTRUCTION OF TERMS ..................................................... 2 A. Definitions.............................................................................................................. 2 B. Interpretation; Application of Definitions and Rules of Construction................. 19 III. BACKGROUND ............................................................................................................. 20 A. Overview of the Debtors’ Business ..................................................................... 20 B. The Debtors’ Prepetition Capital Structure .......................................................... 20 C. The Real Estate Sale-Leaseback Transaction ...................................................... 22 D. The Equipment Sale-Leaseback Transaction ....................................................... 22 E. Events Precipitating the Chapter 11 Filing .......................................................... 23 F. The Chapter 11 Cases .......................................................................................... 24 IV. CONFIRMATION AND VOTING ................................................................................. 34 A. Confirmation Procedures ..................................................................................... 34 V. TREATMENT OF UNCLASSIFIED CLAIMS .............................................................. 41 A. General Administrative Expense Claims ............................................................. 41 B. Final Fee Applications and Payment of Professional Fee Claims ....................... 42 C. Priority Tax Claims .............................................................................................. 43 D. Statutory Fees....................................................................................................... 43 VI. CLASSIFICATION OF CLAIMS AND INTERESTS; ESTIMATED RECOVERIES ................................................................................................................. 43 VII. TREATMENT OF CLAIMS AND INTERESTS ........................................................... 45 A. Treatment of Claims and Interests ....................................................................... 45 B. Global Settlement................................................................................................. 49 C. Modification of Treatment of Claims and Interests ............................................. 50 VIII. PROVISIONS REGARDING THE WIND-DOWN TRUST AND LIQUIDATING TRUST .................................................................................................. 50 A. Post-Effective Date Debtors/Wind-Down Trust .................................................. 50 B. Liquidating Trust ................................................................................................. 56 IX. ADDITIONAL MEANS FOR IMPLEMENTATION .................................................... 61 A. Global Settlement................................................................................................. 61 B. Sole Recourse....................................................................................................... 61 EAST\178703208 - i - Case 20-11120-LSS Doc 1101 Filed 01/19/21 Page 3 of 97 C. Preservation of Right to Conduct Investigations ................................................. 62 D. Prosecution and Resolution of Causes of Action ................................................. 62 E. Effectuating Documents and Further Transactions.............................................. 63 F. Authority to Act ................................................................................................... 63 G. Cancellation of Documents .................................................................................. 63 H. Release of Liens ................................................................................................... 63 I. Exemption from Securities Laws ......................................................................... 64 J. Exemption from Certain Taxes and Fees ............................................................. 64 K. Privileges as to Certain Causes of Action ............................................................ 64 L. Insurance Policies ................................................................................................ 64 M. Filing of Monthly and Quarterly Reports and Payment of Statutory Fees .......... 65 N. Closing of the Chapter 11 Case of Comcar ......................................................... 65 X. PROVISIONS GOVERNING DISTRIBUTIONS UNDER THIS COMBINED PLAN AND DISCLOSURE STATEMENT ................................................................... 65 A. Distribution Record Date ..................................................................................... 65 B. Method of Payment .............................................................................................. 66 C. Claims Objection Deadline .................................................................................. 66 D. No Distribution Pending Allowance .................................................................... 66 E. Reserve of Cash Distributions ............................................................................. 66 F. Distribution After Allowance .............................................................................. 66 G. Delivery of Distributions ..................................................................................... 67 H. Unclaimed Distributions ...................................................................................... 67 I. Set-Off.................................................................................................................. 67 J. Post-petition Interest ............................................................................................ 68 K. Distributions After Effective Date ....................................................................... 68 L. Distributions Free and Clear ................................................................................ 68 M. Allocation of Distributions Between Principal and Interest ................................ 68 N. De-Minimis Distribution and Donation ............................................................... 68 O. Prepayment .......................................................................................................... 69 XI. EXECUTORY CONTRACTS ........................................................................................ 69 A. Rejection of Executory Contracts ........................................................................ 69 B. Deadline for Filing Proofs of Claim Relating to Executory Contracts Rejected Under this Combined Plan and Disclosure Statement .......................... 69 EAST\178703208 - ii - Case 20-11120-LSS Doc 1101 Filed 01/19/21 Page 4 of 97 XII. INJUNCTION, EXCULPATION AND RELEASES ....................................................