| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for LRG Health Care > News item |
LRGHealthcare receives further extension of exclusive plan periods
By Sarah Lizee
Olympia, Wash., April 21 – LRGHealthcare received another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of New Hampshire.
Specifically, the plan filing period was extended through Aug. 16 from May 17 and the solicitation period through Oct. 14 from July 16.
The company said in its motion that although it anticipated that the sale of its assets would close by the end of March, circumstances beyond the debtor’s control have delayed the expected closing date.
Now, the company expects the sale to close in May.
“While the debtor is working diligently to ensure that the proposed sale closes, the debtor continues to evaluate wind-down costs and options as well as potential recoveries for various creditor constituencies based on the transaction closing,” the company said in its motion.
“In the unlikely event that the transaction fails to close, it may result in a very different plan structure.”
In addition, the debtor said it continues to working to resolve, either through litigation or consensual resolution, certain outstanding claims asserted against the estate.
“The outcome of these efforts will greatly influence the formulation of the debtor’s plan,” the company said.
LRGHealthcare is a Laconia, N.H.-based not-for-profit health care charitable trust operating Lakes Region General Hospital, Franklin Regional Hospital and several other affiliated medical practices and service programs. The company filed Chapter 11 bankruptcy on Oct. 19, 2020 under case number 20-10892.
© 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.