Beverly Hospital Foundation gets extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Sept. 14 – Beverly Hospital Foundation secured a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Central District of California.

The court extended the exclusive plan filing period through Dec. 15 and the exclusive solicitation period through Feb. 14.

The company said in its motion that it needs more time to close a sale that will dictate the terms of the plan.

“With a hearing for this court to consider approval of the sale of substantially all of the debtors’ assets quickly approaching on Aug. 17, the debtors are on the cusp of moving into the plan stage of these Chapter 11 cases, following a highly complex sale process with regulatory approvals secured,” the company said.

“All of this represents substantial progress towards the overall resolution of these cases.”

The company said terminating the exclusive periods would derail the cases to the detriment of all stakeholders.

As previously reported, the company is seeking to sell its assets to White Memorial Medical Center, doing business as Adventist Health White Memorial (AHWM), for about $81.61 million.

Montebello, Calif.-based Beverly Hospital filed bankruptcy on April 19 under Chapter 11 case number 23-12359.

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