Liquidating Plan Confirmed in Victor Valley Community Hospital; Creditors to Be Paid in Full With Interest
On Tuesday, May 17, 2011, Judge Bauer confirmed the liquidating plan of Victor Valley Community Hospital over the objections of the U.S. Trustee, Prime Healthcare Foundation, and Desert Valley Hospital. Although the pending sale of the hospital to Victor Valley Hospital Acquisition must still close in order to fund the plan, this is an important step towards the preservation of this important community healthcare asset. The sale is expected to close on or about May 31, 2011. The case was commenced on September 13, 2010. The plan provides that creditors will be paid in full, with interest.
Sam Maizel is the lead attorney on this matter for the firm; Mary Lane, Scotta McFarland and Felice Harrison all contributed significantly to this successful resolution of the case.
Victor Valley Community Hospital's chapter 11 case is pending in Central District of California Bankruptcy Court in Riverside, California.