Life Settlements Absolute Return exclusivity extended by 60 days

By Caroline Salls

Pittsburgh, May 28 – Life Settlements Absolute Return I, LLC obtained a fifth extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Life Settlements’ exclusive filing and solicitation periods were extended by 60 days through June 29 and Aug. 29, respectively.

According to the motion, the proposed sale of the company’s assets was scheduled to be considered by the court at a hearing scheduled for May 1, two days after the expiration of the current exclusive filing period, and was scheduled to close three business days after entry of an order approving the winning bid.

“In light of the anticipated contested nature of the...sale hearing and out of an abundance of caution, the debtors seek to preserve their exclusive plan filing rights through the end of the period permitted under section 1121 of the Bankruptcy Code to allow the imminent resolution of these Chapter 11 cases to proceed,” the motion said.

Life Settlements is a Greenville, S.C.-based insurance company. The company filed bankruptcy on Dec. 29, 2017 under Chapter 11 case number 17-13030.

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