LRGHealthcare receives 90-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 20 – LRGHealthcare received a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of New Hampshire.

Specifically, the plan filing period was extended through May 17 and the solicitation period through July 16.

The company said in its motion that, although the court has approved the sale of its assets, it is likely not going to close until March.

The debtor is evaluating wind-down costs and options as well as potential recoveries for various creditor constituencies based on the transaction closing.

“In the unlikely event that the transaction fails to close, it may result in a very different plan structure,” the company said in the filing.

Also, as the general bar date is not until Feb. 16, the company said it will not be certain until after that date of the entire universe of asserted claims and therefore can’t determine before then how best to address those claims.

LRGHealthcare is a Laconia, N.H.-based not-for-profit health care charitable trust operating Lakes Region General Hospital, Franklin Regional Hospital and several other affiliated medical practices and service programs. The company filed Chapter 11 bankruptcy on Oct. 19 under case number 20-10892.

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