21st Century Oncology Bankruptcy Extension Sought


21st Century Oncology Holdings filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 20, 2018 and March 21, 2018, respectively.

The motion explains, “Less than four months from the Petition Date, the Debtors have made substantial progress towards achieving their restructuring goals and taking the steps necessary to implement the restructuring transactions contemplated by that certain Restructuring Support Agreement, dated May 25, 2015….Indeed, in compliance with the milestones set forth in the RSA, on July 14, 2017, the Debtors’ filed a plan of reorganization (the ‘Plan’) and on August 13, 2017 the Debtors’ filed the related disclosure statement (the ‘Disclosure Statement’).”

In addition, “The hearing on the adequacy of the Debtors’ Disclosure Statement that embodies the Debtors’ restructuring transactions is scheduled to take place on September 19, 2017. Despite having already filed a Plan, the Debtors believe it is prudent to seek an extension of the Exclusivity Periods in order to preserve their exclusive ability to file and solicit a new plan of reorganization, should unforeseen issues arise with respect to the confirmation of the Plan.”

The Court scheduled a September 19, 2017 hearing to consider the motion, with objections due by September 16, 2017.

Read more medical bankruptcy news.