The U.S. Bankruptcy Court approved 21st Century Oncology Holdings’ settlement and release agreement between Debtor and Sunshine State Health Plan.
As previously reported, “The Settlement Agreement offers a number of benefits to the Debtors’ estates, including payment by Sunshine Health to the Debtors of $1.4 million and the full and final settlement of all matters related to the Disputed Claims. Within 10 days of the Court’s approval of the Settlement Agreement, Sunshine Health shall deliver to the Debtors a cash payment in the amount of $1,400,000, the ‘Settlement Payment.'”
In addition, “Entry into the Settlement Agreement will inure to the benefit of the Debtors’ estates in a number of ways. First, approval of the Settlement Agreement will result in the payment of the $1.4 million Settlement Payment to the Debtors. Second, approval of the Settlement Agreement will allow the Debtors to settle any and all claims with Sunshine Health related to the Disputed Claims. Third, the approval of the Settlement Agreement will save the Debtors from continuing to expend time, resources, and money pursuing the Disputed Claims, and avoids the risk, delay and uncertainty that would exist if the Debtors were forced to commence litigation regarding the Disputed Claims.”
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