E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 9/8/2021 in the Prospect News Distressed Debt Daily.

Diocese of Syracuse seeks fourth extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Sept. 8 – The Roman Catholic Diocese of Syracuse, N.Y., is seeking a fourth extension of its exclusive periods to file and solicit votes on its Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Northern District of New York.

Specifically, the diocese is asking to extend the filing period to Nov. 16 from Sept. 14 and the solicitation period through Feb. 19, 2022 from Nov. 16.

The diocese said the plan cannot adequately provide for reorganization without a prior resolution of certain matters, including insurance coverage issues.

The diocese said it anticipates that the availability of insurance proceeds will be a crucial threshold issue to be resolved as the parties work to ensure the greatest possible compensation for Child Victim Act claimants through an efficient and effective claims administration process.

And, now that the first mediation sessions are scheduled for later this month, the diocese, along with the official committee of unsecured creditors and the insurance carriers can begin to discuss a global resolution of insurance coverage adversary proceeding issues which will lend to the formulation of a confirmable Chapter 11 plan, the diocese said.

The Syracuse, N.Y.-based diocese filed bankruptcy on June 19, 2020 under Chapter 11 case number 20-30663.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.