Amsterdam House’s exclusivity motion draws bond trustee objection

By Sarah Lizee

Olympia, Wash., Aug. 23 – The motion of Amsterdam House Continuing Care Retirement Community, Inc., which does business as the Harborside, seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan drew an objection from bond trustee UMB Bank, NA, according to documents filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of New York.

As previously reported, the company asked the court to extend the exclusive plan filing period through Oct. 3 from July 20 and the exclusive solicitation period through Dec. 2 from Sept. 18.

“The debtor has failed to move this case forward and there is no evidence that its progress will improve,” UMB Bank said in the objection.

“Additionally, the debtor has insufficient funds to pursue, let alone confirm, a plan.”

The bond trustee said that, upon the lack of any consensual path forward, the debtor’s inability to move the case forward through the sale process and the fact the debtor lacks the means to confirm a plan, cause does not exist to extend the exclusive periods.

UMB Bank said exclusivity should end and any party should be granted the right to propose a plan that would move the case forward to avoid the possible consequences of an administratively insolvent case.

The Port Washington, N.Y.-based retirement community builder and operator filed Chapter 11 bankruptcy for the third time on March 22 under Chapter 11 case number 23-70989.

© 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.