Alliance Medical disclosure statement approved; plan hearing July 11

By Caroline Salls

Pittsburgh, June 10 – Alliance Medical Holdings, LLC obtained court approval of the disclosure statement for its plan of liquidation, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The plan confirmation hearing is scheduled for July 11.

Alliance said the purpose of the plan is to provide for the equitable distribution of settlement proceeds and proceeds from directors and officers causes of action and the liquidation and distribution to creditors of remaining assets.

The plan calls for the creation of a liquidating trust, into which all of the debtors’ assets will be transferred.

Administrative claims, priority tax claims, ad valorem tax claims and priority non-tax claims will be paid in full in cash.

Other than a settlement payment, Zions Bank will receive no distribution in exchange for its secured claim.

Holders of general unsecured claims will receive a share of settlement proceeds and liquidating trust interests, which will entitle them to a share of liquidating trust cash, or just trust interests, depending on the debtor against which the creditor has a claim.

All equity interests will be cancelled, and holders will receive no distribution.

Alliance Medical is a South Jordan, Utah-based pharmacy company. The company filed bankruptcy on April 7, 2017 under Chapter 11 case number 17-32186.

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