Christian Care Communities gets extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Sept. 15 – Christian Care Communities & Services received an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a minute entry filed with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the company asked the court to extend the periods through Dec. 19.

The company said it expects the sale of its assets to close by no later than Nov. 1.

Christian Care said the additional time will allow it to finalize and complete the sale of its assets, and implement its strategy for confirmation of a Chapter 11 plan of liquidation.

The company said it is continuing to work with the buyer and various governmental entities to gain regulatory approvals.

Christian Care said it has circulated a draft of the liquidating plan and is continuing to negotiate terms with various interested parties, including prepetition secured lenders, post-petition lenders, and the official committee of unsecured creditors.

Meanwhile, the unsecured creditors committee has filed a complaint against UMB Bank, NA, seeking to determine the extent and priority of the prepetition lenders’ security in the debtors’ assets.

The Texas-based non-profit faith-based organization operates three communities for seniors in Mesquite, Fort Worth and Allen. The company filed bankruptcy on May 23 under Chapter 11 case number 22-80000.

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