Sound Shore Medical Center first amended plan of liquidation confirmed

By Caroline Salls

Pittsburgh, Nov. 6 – Sound Shore Medical Center of Westchester’s first amended plan of liquidation was confirmed on Thursday by the U.S. Bankruptcy Court for the Southern District of New York.

Monica Terrano has been appointed as plan administrator.

As previously reported, the plan implements the distribution from the proceeds of the sale of substantially all of Sound Shore’s assets to Montefiore Medical Center to holders of allowed claims and calls for the liquidation of any remaining assets.

The plan also establishes a process for recovery of any causes of action belonging to the Sound Shore debtors and their estates.

Treatment of creditors under the amended plan will include the following:

• Administrative claims, priority tax claims and other priority claims will be paid in full in cash;

• Holders of secured claims will either be paid in full in cash, retain the rights to their claim or receive the collateral securing the claim. If the value of the collateral is less than the claim amount, the undersecured portion will be treated as an unsecured claim;

• Holders of unsecured claims will receive distributions of cash from net proceeds; and

• All interests will be cancelled and extinguished, and holders will receive no distribution.

Sound Shore, a New Rochelle, N.Y., medical center, filed for Chapter 11 bankruptcy on May 29, 2013. Its Chapter 11 case number is 13-22840.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.