Victory Memorial Hospital seeks four-month exclusivity extension

By Caroline Salls

Pittsburgh, March 1 - Victory Memorial Hospital requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of New York.

The hospital wants to extend its exclusive plan-filing period to July 15 from March 15 and the solicitation period to Sept. 15, 2007 from May 15.

According to the motion, when the hospital filed for bankruptcy, it intended to reorganize and emerge from Chapter 11 as a more efficient, streamlined hospital.

However, in January recommendations that included closing Victory Memorial and reorganizing it as a diagnostic and treatment center and provider of long-term care became law.

Since then, the hospital said it has been discussing various options for implementing the plan, which must be completed by June 30, 2008.

Victory Memorial said negotiations are ongoing and require additional time to complete.

A hearing is scheduled for March 13.

The Brooklyn, N.Y.-based hospital filed for bankruptcy on Nov. 15. Victory Memorial's Chapter 11 case number is 06-44387.

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