I'm not an analyst but first reading suggest this plan is good for the company and has a High probability of getting approved either consensually out of court or through the pre-packaged BK plan which appears to have enough votes to meet the cram down requirements.
The stock appears to be heavily oversold. It is not a cake walk into the future but at least this plan give the company a good start and takes the monkey off their backs so they can begin to spend more time on their growth plan. Their are cob webs to clean out which will show up from time to time but which are spelled out in the plan.
Disclosure: I am/we are long WAC.