Gulf Coast Health seeks exclusivity extension following mediation

By Sarah Lizee

Olympia, Wash., Feb. 11 – Gulf Coast Health Care, LLC is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through May 12 and the solicitation period through July 11.

The company said that on Feb. 9 it reached an agreement in principle with official committee of unsecured creditors and restructuring support agreement parties following formal mediation discussions.

The parties are now in the process of finalizing and documenting a global resolution, which will include revising the plan and disclosure statement to reflect the terms of the resolution.

The company said it is seeking the exclusivity extension in order to have additional time to propose, confirm and consummate the plan.

A hearing is scheduled for March 24.

Pensacola, Fla.-based Gulf Coast Health Care is a nursing home chain. The company filed Chapter 11 bankruptcy on Oct. 14 under case number 21-11336.

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