Elements Behavioral Health – Files Combined Plan and Disclosure Statement, First Lien Claims to Recover 61% and General Unsecured Claims Nothing

Register, or to view the article

November 9, 2018 – Elements Behavioral Health filed with the Court a Combined Plan and Disclosure Statement [Docket No. 569]. 
The following is a summary of classes, claims, voting rights and estimated recoveries under the Plan:
 
  • Class 1 (“DIP Facility Claims”) is unimpaired, deemed to accept and not allowed to vote on the Plan. Estimated allowed claims are $29.9 million and estimated recovery is 100%.
  • Class 2 (“Secured Tax Claims”) is unimpaired, deemed to accept and not allowed to vote on the Plan. Estimated allowed claims are $0 and estimated recovery is 100%.
  • Class 3 (“First Lien Claims”) is impaired and allowed to vote on the Plan. Estimated allowed claims are $134,679,040.52 and estimated recovery is 61%.
  • Class 4 (“Second Lien Claims”) is impaired and allowed to vote on the Plan. Estimated allowed claims are $44.2 million and estimated recovery is 0%.
  • Class 5 (“Other Secured Claims”) is unimpaired, deemed to accept and not allowed to vote on the Plan. Estimated allowed claims are $0 and estimated recovery is 100%.
  • Class 6 (“Priority Claims”) is unimpaired, deemed to accept and not allowed to vote on the Plan. Estimated allowed claims are $52,312.376 and estimated recovery is 100%.
  • Class 7 (“General Unsecured Claims”) is impaired and allowed to vote on the Plan. Estimated allowed claims are $195,128,358.878 and estimated recovery is 0%.
  • Class 8 (“Intercompany Claims”) is impaired, deemed to reject and not allowed to vote on the Plan. Estimated allowed claims are N/A and estimated recovery is 0%.
  • Class 9 (“Equity Interests”) is impaired, deemed to reject and not allowed to vote on the Plan. Estimated allowed claims are N/A and estimated recovery is 0%.
The Combined Plan and Disclosure Statement also attached the following Exhibits: 

  • Exhibit A -Liquidation Analysis 
  • Exhibit B – Acquired Avoidance Actions Schedule
  • Exhibit C – Estate Claims Schedule
  • Exhibit D – Combined Budget
 
The Court scheduled a combined hearing on January 24, 2019, with objections due by January 4, 2019. The voting deadline for the Combined Plan and Disclosure Statement is January 14, 2019.

Read more Bankruptcy News