New LifeCare seeks exclusivity extension to decide on exit strategy

By Caroline Salls

Pittsburgh, Aug. 30 – Hospital Acquisition LLC, which operates numerous New LifeCare and LifeCare medical facilities, is seeking an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

New LifeCare is asking the court to extend its exclusive plan-filing period through Dec. 2 from Sept. 3 and the solicitation period through Jan. 30 from Nov. 1.

The company said it has made significant progress in the roughly four months it has been in bankruptcy, including receiving approval to sell its assets.

However, New LifeCare said its sales have not yet closed.

The company said it now needs time to negotiate and finalize an exit strategy.

A hearing is scheduled for Sept. 26.

LifeCare, a Plano, Tex.-based health care consulting and management services company, filed for bankruptcy on May 6. The Chapter 11 case number is 19-10998.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.