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GenesisCare asks for lengthy extension of exclusive plan periods
By Sarah Lizee
Olympia, Wash., Oct. 2 – GenesisCare Pty Ltd. is seeking a 150-day 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 Southern District of Texas.
Specifically, the company asked the court to extend the exclusive plan filing period through Feb. 26 and the exclusive plan solicitation period through April 26, 2024.
“As of the filing of this motion, the debtors are on the eve of a hearing to conditionally approve the disclosure statement and commence solicitation on the plan, but work remains to be done,” the company said in the motion.
The debtor said it continues to engage with many key stakeholders regarding the terms of the plan, the bids received through its sale process and the path to exit Chapter 11.
Currently, the official committee of unsecured creditors does not support the plan.
The company said it remains committed to working with the committee and other parties in interest who may have potential objections to confirmation in an effort to drive consensus around the plan.
“Accordingly, the debtors seek an extension of the exclusivity periods to protect the progress made to date and to ensure that the debtors stay on track to emerge from Chapter 11 on a timeline that is in the best interests of the debtors’ estates, without the risk of delay, disruption, and additional costs that could follow an expiration of the exclusivity periods,” the company said.
GenesisCare is a cancer care provider with headquarters in Sydney. The company filed bankruptcy on June 1 under Chapter 11 case number 23-90614.
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