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Foundation Healthcare Bankruptcy Liquidation Plan Effective

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Foundation Healthcare’s First Amended Joint Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on September 11, 2017.

BankruptcyData notes, “The majority of the Debtors’ assets were foreclosed upon prior to the filing of the Cases. The Plan provides for the liquidation of the Debtors’ remaining assets, including the pursuit of Causes of Action, and the distribution of the net proceeds to holders of Allowed Claims.”

BankruptcyData’s Plan Summary continues, “The Liquidation Analysis for the Debtors estimates the Net Value of Assets Available for Secured Claims to be $ 1.08 million and a Total Estate Deficiency of (7.95) million.” This surgical hospital operator filed for Chapter 11 protection on June 21, 2017, listing $120 million in pre-petition assets.

Read more Foundation Healthcare bankruptcy news.

The post Foundation Healthcare Bankruptcy Liquidation Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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