Life Care St. Johns granted 120-day extensions of exclusivity periods

By Jim Witters

Wilmington, Del., Oct. 28 - Life Care St. Johns, Inc. won a four-month extension of its exclusive periods for filing a Chapter 11 plan and for soliciting votes on the plan, according to an Oct. 28 filing with the U.S. Bankruptcy Court for the Middle District of Florida.

The exclusive period for filing a Chapter 11 plan is extended through Feb. 14 from Oct. 31, and the exclusive period for soliciting votes is extended through April 15 from Dec. 30.

In requesting the extensions, the company said it needs the additional time to implement the recommendations of an outside consultant, prepare the financial projections for a restructuring, solicit offers and letters of intent from prospective purchasers, accommodate the due diligence needs of prospective purchasers and investors and formulate an exit strategy.

Life Care St. Johns, a St. Augustine, Fla.-based not-for-profit, filed for bankruptcy on July 3. Its Chapter 11 case number is 13-04158.

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