Life Settlements Absolute Return I gets 90-day exclusivity extension

By Caroline Salls

Pittsburgh, July 31 – Life Settlements Absolute Return I, LLC received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Life Settlements’ exclusive plan-filing period was extended by 90 days through Oct. 29 from July 30 and the solicitation period through Dec. 27 from Sept. 28.

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 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.

Life Settlements is a Greenville, S.C.-based insurance company. The company filed bankruptcy on Dec. 29, 2017 under Chapter 11 case number 17-13030.

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