Randolph statement draws objection from bankruptcy administrator

By Sarah Lizee

Olympia, Wash., June 25 – Randolph Hospital, Inc.’s, which does business as Randolph Health, disclosure statement for its Chapter 11 plan of liquidation drew an objection from the case’s bankruptcy administrator, according to a Wednesday filing with the U.S. Bankruptcy Court for the Middle District of North Carolina.

The bankruptcy administrator said the statement fails to provide enough information to creditors for them to make an informed decision about the plan.

Specifically, the administrator said there isn’t enough information about the asset sale to American Healthcare Systems, there is no hypothetical Chapter 7 liquidation analysis, the description of the treatment of secured claims is incomplete, and there is no description of the debtor’s assets, among other things.

A hearing on approval of disclosure statement is scheduled for July 1.

Randolph is an Asheboro, N.C.-based health care company. The company filed bankruptcy on March 6, 2020 under Chapter 11 case number 20-10247.

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