TLC’s bankruptcy hearing delayed
The bankruptcy hearing for TLC Health Network, the parent company for Lake Shore Health Care Center, has been delayed another week.
The Nov. 24 hearing rescheduled for Monday has been pushed back again until Dec. 8.
According to Chief Bankruptcy Judge Carl L. Bucki’s Law Clerk Adolph Iannacone, there are two motions on the agenda for the hospital.
The first motion Judge Bucki will consider is an extension of the exclusivity period to submit a reorganization plan.
“When a company enters bankruptcy, it has 180 days to propose a plan free of interference,” Iannacone explained. “After that creditors can also submit a plan.”
Iannacone continued to explain that for most creditors this is not feasible because they do not have access to some required information, or simply want to be disentangled from the company in bankruptcy.
The second motion is a report on bid sale procedures. In July, TLC held an auction for assets and received bids on vacant land and the home health care business.
Since entering bankruptcy, TLC has reduced expenses and received aid which has allowed it to pay back creditors faster than expected. However, no plan for reorganization and an exit from bankruptcy has been put forward.
“Creditors and the judge want to know where this is going,” Iannacone explained.
These actions will be considered Dec. 8 at 1 p.m. in U.S Bankruptcy Court in Buffalo.




