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FedNat Holding plan confirmation hearing scheduled for Aug. 10
By Sarah Lizee
Olympia, Wash., July 14 – FedNat Holding Co.’s combined hearing on confirmation of its Chapter 11 plan of liquidation and approval of the disclosure statement is scheduled for Aug. 10, according to a notice filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.
The plan has the support of the official committee of unsecured creditors, as previously reported.
A plan administrator will marshal the remaining assets of the debtors’ estates, review the claims and make distributions from the remaining assets of the estates to claimholders.
Under the plan, holders of secured claims and priority claims will be paid in full.
Holders of senior notes claims and general unsecured claims against FedNat Holding, which are estimated in the amount of $127.55 million, are expected to receive a recovery of 5.4% to 16.7%.
Holders of general unsecured claims against FedNat Underwriters, Inc., which are estimated in the amount of $14.26 million, are expected to receive a recovery of 16.4% to 100%.
Holders of general unsecured claims against ClaimCor, LLC, which are estimated in the amount of $6,778, are expected to receive a 100% recovery.
Holders of general unsecured claims against Century Risk Insurance Services, Inc., which are estimated in the amount of $2.81 million, are expected to receive a recovery of 58.2% to 100%.
Holders of general unsecured claims against Insure-Link, Inc., which are estimated in the amount of $2.54 million, are expected to receive a recovery of 79.3% to 100%.
Holders of preferred stock interests and common stock interests are expected to receive nothing.
The insurance holding company, which is based in Sunrise, Fla., filed bankruptcy on Dec. 12, 2022. The Chapter 11 case number is 22-19451.
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