LifeCare seeks more than four-month extension of plan filing period

By Jim Witters

Wilmington, Del., March 20 - LCI Holdco, LLC, parent company of LifeCare Holdings, Inc., is seeking approval of an extension of about 4½ months of its exclusive periods for filing a Chapter 11 plan and soliciting plan votes, according to a March 19 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the additional time because its efforts have focused on two goals: Stabilizing operations to avoid disruption of patient care and maximizing estate value through the sale of substantially all of its assets.

"Those efforts have resulted in a bid from the stalking horse purchaser, which the debtors intend to seek approval of on April 2, 2013. If approved, the sale to the stalking horse purchaser - which requires a number of regulatory approvals - is anticipated to close in July 2013," the company wrote in its motion.

If the request is granted, the exclusive period for filing a Chapter 11 plan would be extended through Aug. 31 from April 10. The exclusive period for soliciting plan acceptances would be extended through Oct. 30 from June 9.

A hearing on the request is scheduled for 2 p.m. ET on April 9.

LifeCare is a Plano, Texas-based health-care consulting and management services company. The Chapter 11 case number is 12-13319.

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