Bankruptcy Law News

Lenders Propose Plan to Take Over Bankrupt Rural Hospital Group

June 11, 2020, 4:46 PM

A secured lender for bankrupt hospital operator Americore Holdings LLC and 10 affiliates has submitted a reorganization plan that would give the company to the lender and pay unsecured creditors from a $5 million pool.

The proposed plan, filed Wednesday in the U.S. Bankruptcy Court for the Eastern District of Kentucky, is built on a sale of the companies to creditor Third Friday Total Return Fund LLP, the plan proponent.

Usually the bankrupt debtor, or the trustee if one’s appointed, is the first to submit a reorganization plan.

But “it’s not unusual for creditors to file their own bankruptcy plan...

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