Miami Medical Center secures court approval of disclosure statement

By Caroline Salls

Pittsburgh, Dec. 4 – Miami International Medical Center, LLC, which does business as Miami Medical Center, obtained court approval of the disclosure statement for its liquidating Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Florida.

The plan confirmation hearing is scheduled for Jan. 11.

Miami Medical Center said the company will be liquidated and dissolved under the plan, and a liquidating trust will be formed and a liquidating trustee appointed to prosecute causes of action and make distributions to creditors.

Administrative expense claims and priority claims will be paid in full in cash.

Secured claims will be paid in full or holders will receive sale proceeds or the value of the property securing the claims.

Holders of unsecured claims will receive a share of a general distribution fund.

Holders of equity interests are not expected to receive a distribution under the plan.

The Miami-based company filed bankruptcy on March 9, 2018 under Chapter 11 case number 18-12741.

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