Healthcare provider Prospect Medical Holdings has filed for Chapter 11 bankruptcy protection, citing COVID-19 impacts and pension obligations. The operator of 16 hospitals across four states has secured $100 million in DIP financing and plans to sell its PhysicianCo division for $745 million as part of its restructuring efforts.
The Roman Catholic Archbishop of Baltimore has requested additional time to file its Chapter 11 reorganization plan, seeking a 69-day extension amid ongoing negotiations with insurers and complex claim reviews. The motion, filed January 9, 2025, would extend the plan filing deadline to March 31, 2025, as the archdiocese works toward a comprehensive resolution of abuse-related claims.
The Diocese of Rochester has filed a modified Chapter 11 plan proposing a $126.35 million settlement fund for abuse survivors, with potential to increase to $297.35 million if insurer CNA agrees to contribute. The plan includes $55 million from the diocese and other Catholic entities, plus $71.35 million from insurance settlements.
Biora Therapeutics has filed a motion seeking approval of bidding procedures in its Delaware bankruptcy case, proposing a stalking horse bid from its DIP lenders that includes a $30 million credit bid. The medical technology company, which filed Chapter 11 on December 27, 2024, aims to complete an auction process by February 20, 2025, as it seeks to maximize value for its innovative drug delivery technology assets.
Century Mining LLC seeks bankruptcy court approval for a $6 million employee incentive program to restart its West Virginia longwall mining operations. The two-phase bonus plan would reward workers for achieving key operational milestones, with 25% paid upon mine re-entry and 75% upon production restart. The company, which filed Chapter 11 in November 2024, aims to incentivize its 362 employees to execute its restructuring strategy.