HearUSA Inc. (HEARQ)

[BKfinancier]

HearUSA Seeks 3rd Extension of Exclusivity

On November 30, 2011, HUSA Liquidating Corporation, Inc. (f.k.a HearUSA, Inc.) filed a motion seeking a 3rd extension of its Exclusivity from December 1, 2011 out through January 17, 2012. While the Debtor was only recently granted an extension up through December 1st and while the Equity Committee had hinted that it might oppose a 3rd extension and seek authority to file its own liquidating plan, it was announced that both statutory committees approve of the extension. The Debtor announced in its papers that it anticipates this will be the last request for an extension of Exclusivity. Additionally the Debtor announced that it is working with the Equity Committee to finalize a proposed liquidating plan structure, as well as procedures to streamline the overall confirmation process and that it may shortly file a motion to seek court approval to establish the plan procedures in order to expedite the plan and confirmation process.

Last month we discussed that it may be possible to use a "No Vote" Plan Construct in order to get to the confirmation and distribution phases more expeditiously. Let's hope that those seeds found purchase with the Debtor.

The case is In re HearUSA, Inc., Case No. 11-23341-BKC-EPK (Southern District of Florida – West Palm Beach Division).

http://thediligentinvestor.blogspot.com/2011/12/hearusa-seeks-3rd-extension-of.html