Based on the Liquidation Analysis, the Debtors believe that the Plan provides a
superior recovery to holders of Impaired Claims, including Claims and Interests in Classes 9A
and 9D, than would be available in a liquidation of the Debtors’ estates.26 The estimate of the
distributable value available for creditors of each Debtor under the Plan equals or exceeds the
estimates of values set forth in the Liquidation Analysis. Accordingly, the Plan satisfies the
best interests test.