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-23- <br />longstanding Iitigation in respect of the Applicants is resolved and delays to completion of the <br />Recapitalization are avoided. <br />75. As described in this Third Report, the representative plaintiffs in the WARN Act <br />Class Action voted in favour of the Amended and Restated Plan at the WARN Act Plaintiffs <br />Meeting. <br />REQUEST FOR SANCTIONING THE AMENDED AND RESTATED PLAN <br />76. The Monitor outlined the details of the Plan and provided its view on the fairness <br />and reasonableness of the Plan in the Monitor's Second Report. In this Monitor's Third Report, <br />the Monitor has outlined the details of the amendments provided for in the Amended and <br />Restated Plan, which provide for enhanced recovery to the WARN Act Plaintiffs Class while not <br />affecting the recovery to the Affected Unsecured Creditors Class. <br />77. Based on all of the factors more particularly described in the Monitor's Second <br />Report and herein, on balance, the Monitor holds the view that it appears that the likely <br />alternative to the Amended and Restated Plan would be the Alternate Plan (as defined in the <br />Amended and Restated Plan). <br />78. The obligations owed by the Applicants in respect of the Secured Notes appears <br />to exceed the realizable value of the Cline Group at the present time, therefore: <br />(a) the Secured Noteholders would likely suffer a significant shortfall in amounts <br />owed to them if they were to enforce their security; <br />