Hahnemann University Hospital files Chapter 11 plan of liquidation

By Sarah Lizee

Olympia, Wash., Dec. 30 – Center City Healthcare, LLC, which does business as Hahnemann University Hospital, filed a Chapter 11 plan of liquidation on Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

Allen Wilen has been appointed as representative to administer the plan and make distributions.

Under the plan, holders of administrative claims, professional fee claims, priority tax claims and priority non-tax claims will be paid in full in cash.

Holders of secured claims will be paid in full in cash or receive the collateral securing their claims.

Holders of secured lender claims will be deemed to release and discharge their security interest in and liens on all assets of the debtors. On the effective date, the debtors will pay, in full in cash, all fees and expenses of each DIP secured party incurred prior to the effective date.

Holders of convenience claims will receive cash from a convenience claim reserve.

Holders of general unsecured claims and HSRE claims will receive cash equal to the amount of their claims multiplied by a distribution percentage.

Holders of insider claims will receive, after all general unsecured and HSRE claims have been paid, their pro rata share of cash.

Interests will be canceled with no distribution.

Center City is a Philadelphia-based hospital operator. The company filed bankruptcy on June 30, 2019 under Chapter 11 case number 19-11466.

© 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.