Life Settlements Absolute Return I seeks 90-day exclusivity extension

By Caroline Salls

Pittsburgh, April 10 – Life Settlements Absolute Return I, LLC requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Life Settlements is asking the courts to extend the exclusive periods by 90 days through July 30 and Sept. 28, respectively.

This is the company’s first exclusivity extension request.

According to the motion, Life Settlements “cannot finalize an appropriate plan of reorganization” until issues related to a Government of the Virgin Islands lien are resolved.

In addition, the company said it recently finalized a term sheet for exit financing and will be seeking court approval of the financing soon.

Life Settlements said the exit financing will allow it to fund its reorganization plan and its emergence from Chapter 11 as a going concern.

“Out of an abundance of caution, extension of the exclusive periods for the purpose of confirming the plan without the distraction, cost and delay of competing plans is completely consistent with the goals of the exclusive periods,” the motion said.

A hearing is scheduled for May 15.

Life Settlements is a Greenville, S.C.-based insurance company. The company filed bankruptcy on Dec. 29 under Chapter 11 case number 17-13030.

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