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Joint Plan of Reorganization

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Title:

Joint Plan of Reorganization

Entities:

Heilig-Meyers Co.; Akin, Gump, Strauss, Hauer & Feld LLP

Date:

2005

Size:

123KB total

Price:

$67

ID:

#1188335

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UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

Richmond Division


	)
In re:	)	Chapter 11 Case
	)
HMY ROOMSTORE, INC.,	)	Case No. 00-34536
	)
	)	Jointly Administered Under
	)	Case No. 00-34533
Debtor.	)
	)
	)

JOINT PLAN OF REORGANIZATION

PROPOSED BY HMY ROOMSTORE, INC. AND

THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS


Bruce H. Matson (Va. Bar No. 22874) Katherine M. Mueller (Va. Bar No. 44302) LECLAIR RYAN, a professional corporation 707 East Main Street 11th Floor Richmond, Virginia 23219 (804) 783-2003		Michael S. Stamer (admitted pro hac vice) Shuba Satyaprasad (admitted pro hac vice) AKIN GUMP STRAUSS HAUER & FELD LLP 590 Madison Avenue New York, New York 10022 (212) 872-1000
		- and -

Counsel to Debtor		Stanley J. Samorajczyk (Va. Bar No. 08023) Scott L. Alberino (admitted pro hac vice) Robert S. Strauss Building AKIN GUMP STRAUSS HAUER & FELD LLP 1333 New Hampshire Avenue, N.W. Washington, D.C. 20036 (202) 887-4000 Counsel to the Official Committee of Unsecured Creditors

TABLE OF CONTENTS


INTRODUCTION		1

ARTICLE I DEFINITIONS, RULES OF INTERPRETATION, AND COMPUTATION OF TIME		1
1.1 503 Deadline		2
1.2 Administrative Claim		2
1.3 Administrative Claims Reserve		2
1.4 Affiliated Debtors		2
1.5 Affiliated Debtor Shares		2
1.6 Affiliated Debtor Unsecured Claim		2
1.7 Affiliates		2
1.8 Allowed Claim		2
1.9 Ballot		3
1.10 Bankruptcy Code		3
1.11 Bankruptcy Court		3
1.12 Bankruptcy Rules		3
1.13 Bar Date		3
1.14 Bar Date Order		3
1.15 Business Day		3
1.16 Cash		3
1.17 Causes of Action		3
1.18 Chapter 11 Case		3
1.19 CIT		3
1.20 CIT Letter Agreement		4
1.21 Claim		4
1.22 Claimholder		4
1.23 Claims Agent		4
1.24 Claims Objection Deadline		4
1.25 Class		4
1.26 Class 3 Shares		4
1.27 Confirmation Date		4
1.28 Confirmation Hearing		4
1.29 Confirmation Order		4
1.30 Contingent Funding Commitment		4
1.31 Creditors Committee		5
1.32 Cure		5
1.33 Cure Claim		5
1.34 Cure Claim Submission Deadline		5
1.35 Cure Claim Objection Deadline		5
1.36 Debtor		5
1.37 Debtor in Possession		5
1.38 DIP Agent		5
1.39 DIP Credit Agreement		5
1.40 DIP Lenders		5


1.41 DIP Lender Claims		5
1.42 Disallowed Claim		6
1.43 Disclosure Statement		6
1.44 Disputed Administrative Claim		6
1.45 Disputed Claim		6
1.46 Disputed Other Priority Claim		6
1.47 Disputed Other Secured Claim		6
1.48 Disputed Unsecured Claim		6
1.49 Distributions		6
1.50 Effective Date		6
1.51 Entity		6
1.52 Estate		7
1.53 Exchange Act		7
1.54 Exhibit		7
1.55 Final DIP Order		7
1.56 Final Order		7
1.57 HMC		7
1.58 Impaired		7
1.59 Initial Administrative Claims Bar Date		7
1.60 Initial Administrative Bar Date Order		7
1.61 Initial Distribution Date		7
1.62 Initial Common Stock Distribution Date		7
1.63 Interest		7
1.64 Interestholder		8
1.65 Management Incentive Program		8
1.66 Miscellaneous RoomStore Assets		8
1.67 New RoomStore Common Stock		8
1.68 New Credit Facility		8
1.69 Old Common Stock		8
1.70 Other Priority Claim		8
1.71 Other Priority Claims Reserve		8
1.72 Other Secured Claim		8
1.73 Other Secured Claim Reserve		8
1.74 Periodic Distribution Date		8
1.75 Person		9
1.76 Petition Date		9
1.77 Plan		9
1.78 Plan Supplement		9
1.79 Plan Supplement Filing Date		9
1.80 Priority Tax Claim		9
1.81 Priority Tax Claims Reserve		9
1.82 Pro Rata		9
1.83 Professional		9
1.84 Professional Claim		9
1.85 Professional Fee Order		10
1.86 Quarterly Distribution Date		10


1.87 Record Date		10
1.88 Reinstated or Reinstatement		10
1.89 Released Parties		10
1.90 Reorganized RoomStore		10
1.91 Reserve		11
1.92 Retained Actions		11
1.93 SEC		11
1.94 Scheduled		11
1.95 Schedules		11
1.96 Secured Claim		11
1.97 Security		11
1.98 Securities Act		11
1.99 Solicitation Procedures Order		11
1.100 Third Party Disbursing Agent		11
1.101 Unimpaired		12
1.102 Unsecured Claim		12
1.103 Unsecured Claims Reserve		12
1.104 Voting Deadline		12

ARTICLE II ADMINISTRATIVE CLAIMS AND PRIORITY TAX CLAIMS		13
2.1 Administrative Claims		13
2.2 Priority Tax Claims		13
2.3 DIP Lender Claims		14

ARTICLE III CLASSIFICATION OF CLAIMS AND INTERESTS		14
3.1 Introduction		14

ARTICLE IV PROVISIONS FOR TREATMENT OF CLAIMS AND INTERESTS		15
4.1 Class 1 (Other Priority Claims)		15
4.2 Class 2 (Other Secured Claims)		16
4.3 Class 3 (Unsecured Claims)		16
4.4 Class 4 (Affiliated Debtor Unsecured Claim)		17
4.5 Class 5 (Old Common Stock Interests)		17
4.6 Reservation of Rights		18
4.7 Estimation of Claims		18

ARTICLE V ACCEPTANCE OR REJECTION OF THIS PLAN; EFFECT OF REJECTION BY ONE OR MORE IMPAIRED CLASSES OF CLAIMS OR INTERESTS		18
5.1 Impaired Classes of Claims and Interests		18
5.2 Presumed Acceptances by Unimpaired Classes		19
5.3 Classes Deemed to Reject Plan		19
5.4 Confirmation Pursuant to Section 1129(b) of the Bankruptcy Code		19
5.5 Confirmability and Severability of a Plan		19

iii


ARTICLE VI MEANS FOR IMPLEMENTATION OF THIS PLAN		19
6.1 Transfer of Miscellaneous Assets		19
6.2 Contingent Funding Commitment		20
6.3 Cancellation of Existing Securities and Agreements		20
6.4 New RoomStore Common Stock		20
6.5 Third Party Disbursing Agent		20
6.6 Organizational Matters.		21
6.7 Directors and Officers.		22
6.8 Issuance of New Securities.		23
6.9 Post-Effective Date Financing		23
6.10 Preservation of Causes of Action		24
6.11 Exemption from Transfer Taxes and Recording Fees		24
6.12 Fractional Shares		24

ARTICLE VII UNEXPIRED LEASES AND EXECUTORY CONTRACTS		25
7.1 Assumption/Rejection of Contracts and Leases		25
7.2 Payments Related to Assumption of Executory Contracts and Unexpired Leases		25
7.3 Rejection Damages Bar Date		26
7.4 Preservation of Insurance		26

ARTICLE VIII PROVISIONS GOVERNING DISTRIBUTIONS		26
8.1 Time of Distributions		26
8.2 No Interest on Claims		26
8.3 Record Date for Distributions to Holders of Claims		26
8.4 Claims Administration Responsibility		26
8.5 Delivery of Distributions		27
8.6 Procedures for Treating and Resolving Disputed and Contingent Claims.		27
8.7 Timing of Distribution of New RoomStore Common Stock		28
8.8 Minimum Distributions		28
8.9 Means of Cash Payment		29
8.10 Withholding and Reporting Requirements		29
8.11 Lost, Stolen, Mutilated or Destroyed Instrument or Security		29

ARTICLE IX ALLOWANCE AND PAYMENT OF CERTAIN ADMINISTRATIVE CLAIMS		30
9.1 Professional Claims.		30
9.2 Substantial Contribution Compensation and Expenses Bar Date		30
9.3 Other Administrative Claims		30

ARTICLE X EFFECT OF THIS PLAN ON CLAIMS AND INTERESTS		30
10.1 Discharge of Debtor		30
10.2 Compromises and Settlements		31
10.3 Setoffs		31
10.4 Exculpation and Limitation of Liability		31


10.5 Release by Debtor of Certain Parties		32
10.6 Releases by Holders of Claims and Interests		32
10.7 Injunction		32

ARTICLE XI CONDITIONS PRECEDENT		33
11.1 Conditions to Confirmation		33
11.2 Conditions to Consummation		33
11.3 Waiver of Conditions to Confirmation or Consummation		35

ARTICLE XII RETENTION OF JURISDICTION		35

ARTICLE XIII MISCELLANEOUS PROVISIONS		37
13.1 Binding Effect		37
13.2 Modification and Amendments		37
13.3 Allocation of Plan Distributions Between Principal and Interest		37
13.4 The Creditors Committee		37
13.5 Revocation, Withdrawal, or Non-Consummation.

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