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Orianna Health Systems Objection Filed

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Orianna Health Systems’ official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to (i) the combined motion approving (a) the plan funding commitment and the stock purchase agreement with the plan sponsor, (b) the stalking horse bid protections, (c) the bidding and auction procedures governing the submission and consideration of competing plan sponsorship proposals, and (ii) (a) approving the Disclosure Statement, (b) determining the dates, procedures, and forms applicable to the solicitation process, (c) establishing the vote tabulation procedures, and (d) establishing the objection deadline and the scheduling plan confirmation hearing.

The committee asserts, “The Disclosure Statement should not be approved for two principal reasons: (i) the Debtors’ proposed Joint Plan of Reorganization Under Chapter 11 Of The Bankruptcy Code is patently un-confirmable; and (ii) the Disclosure Statement lacks adequate information with respect to several material aspects of the Plan such that creditors cannot make an informed voting decision with respect to the Plan. The infirmities in the Disclosure Statement and Plan are substantial, and should be addressed as soon as practicable (i.e. at the hearing on the Disclosure Statement).  The Committee respectfully submits that proceeding to a confirmation hearing with such a patently un-confirmable plan and inadequate Disclosure Statement would be a waste of estate resources….Because the 9019 Settlement Order, the Settlement Agreement and Form OTA are so inexorably interconnected and intertwined with the Disclosure Statement, Plan and RSA, the Committee respectfully submits the Disclosure Statement should be denied, pending the entry of a final, non-appealable order approving the 9019 Settlement Order and Settlement Agreement. Additionally, to the extent the Disclosure Statement is approved for solicitation, the Committee respectfully requests it be permitted to provide a letter as an enclosure to the Disclosure Statement (the ‘Committee Letter’), reflecting the Committee’s views as described in this Objection and Reservation of Right, including the right to make a recommendation to vote to reject the Plan. The Court should defer consideration of the Disclosure Statement until such time as the Debtors remove all non-confirmable elements from the Disclosure Statement and proposed Plan, file all exhibits contemplated by the Disclosure Statement, supplement the Disclosure Statement with sufficient material information, and all parties have had an opportunity to review the additional information.”

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