Astria Health gets exclusivity extension, some case parties exempt

By Caroline Salls

Pittsburgh, Dec. 5 – Astria Health received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Washington.

The company’s exclusive plan-filing period was extended for 60 days through Jan. 31 and the solicitation period through March 31.

However, the order states that JMB Capital Partners Lending, LLC, Lapis Advisers, LP, UMB Bank, NA and the official committee of unsecured creditors appointed for Astria’s bankruptcy case are exempt from the exclusive periods.

Astria said in the motion that it has been working to obtain exit financing sufficient to support a consensual plan of reorganization for at least some, if not all, of its three acute care hospitals.

However, to better ensure a positive outcome for stakeholders, Astria said its investment banker’s duties have been expanded to include marketing for the potential sale of some or all of the company’s assets.

The company said the exclusivity extension is “narrowly tailored to run in parallel with the IB’s refinancing and sale efforts.”

Astria Health is a Yakima, Wash., health care facility operator. The company filed bankruptcy on May 6, 2019 under Chapter 11 case number 19-01189.

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