Former Liberty Medical exclusive periods extended to resolve issues

By Jim Witters

Wilmington, Del., Aug. 7 - ATLS Acquisition, LLC, formerly Liberty Medical Supply, Inc., received approval for the extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to an Aug. 7 filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period for filing a Chapter 11 plan is extended 77 days, through Oct. 24 from Aug. 8.

The exclusive period for soliciting plan acceptances is extended 78 days, through Dec. 24 from Oct. 7.

The company originally sought 120-day extensions but shortened the request in an Aug. 7 filing with the court.

In its request for additional time, ATLS cited the complexity of the bankruptcy cases and lack of time to formulate a plan. The debtors have had to resolve "a number of issues" in order to restructure their businesses.

Since the first extension of the exclusive periods, the debtors have worked with their advisers and the chief restructuring officer to implement new systems and to vet the systems to ensure the accuracy of the financial forecasts, the filing stated.

Liberty Medical, a Port St. Lucie, Fla.-based health-care products home delivery provider, filed for bankruptcy on Feb. 15. The Chapter 11 case number is 13-10262.

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