Liberty Medical seeks 120-day exclusivity extension to resolve issues

By Lisa Kerner

Charlotte, N.C., July 18 - ATLS Acquisition, LLC, formerly Liberty Medical Supply, Inc., requested a 120-day extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period through Dec. 6 from Aug. 8 and the solicitation period through Feb. 5, 2014 from Oct. 7.

Previously the court extended the plan filing deadline to Aug. 8 through June 15 and the solicitation period through Oct. 7 from Aug. 14.

In its request, ATLS cited the complexity of the bankruptcy cases and lack of time to formulate a plan. The debtors have had to resolve issue "a number of issues" in order to restructure their businesses.

Since the first extension of the exclusive periods, the debtors have worked with their advisors and the chief restructuring officer to implement new systems and to vet the systems to ensure the accuracy of the financial forecasts, the filing said.

A hearing is scheduled for Aug. 8.

Liberty Medical, a Port St. Lucie, Fla.-based health-care products home delivery provider, filed for bankruptcy on Feb. 15. The Chapter 11 case number is 13-10262.

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