Saint Vincents Catholic Medical Centers plan takes effect on June 29

By Caroline Salls

Pittsburgh, June 29 - Saint Vincents Catholic Medical Centers of New York's amended joint Chapter 11 plan of reorganization took effect on Friday, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the plan was confirmed on June 25, according to an attorney familiar with the case. The plan confirmation order was filed with the court on Friday.

Treatment of creditors under the plan will include the following:

• Holders of priority non-tax claims will be paid in full in cash;

• Holders of other secured claims will receive either the collateral securing their claims, the value of the collateral or the net proceeds from the sale of the collateral;

• Holders of Sun Life secured claims and MedMal Trusts secured claims will receive distributions equal to the amount of specified property sale proceeds;

• Holders of general unsecured claims will receive a share of proceeds in an unsecured claims fund; and

• Holders of multi-employer pension funds subordinated unsecured claims will receive a share of the unsecured claims fund proceeds after all general unsecured claims are paid in full.

Saint Vincents, a New York-based health-care system, filed for bankruptcy on April 14, 2010. Its Chapter 11 case number is 10-11963.

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