WACO, Texas, July 14, 2015 (GLOBE NEWSWIRE) -- Life Partners Holdings Inc. (NASDAQ:LPHI), or the "Company," announced today that on July 2, 2015 the U.S. Bankruptcy Court entered an order, known as the "Bar Date Order," establishing certain deadlines for the filing of proofs of claim in the Company's chapter 11 case. Claims referenced herein are monetary claims.
Pursuant to the Bar Date Order, except otherwise specified, all persons, entities and governmental units who have a claim or potential claim against the Company that arose prior to May 19, 2015 must file a proof of claim on or before September 1, 2015 at 5:00 pm Central Time for general creditors and November 16, 2015 at 5:00 pm Central Time for governmental units.
As part of these proceedings and as required under the U.S. Bankruptcy Code, on July 2, 2015, Life Partners Holdings sent via first-class U.S. mail, the Bar Date Notice to any potential creditor, or party that may have a monetary claim against the Company. To note, receipt of the notice does not necessarily mean that a recipient has a claim.
Proofs of claim forms and a copy of the Bar Date Order may be obtained by visiting the Epiq website, the Company's claims and notice agent, http://dm.epiq11.com/lifepartners or by calling 866-841-7869 or +1-503-597-5539 for international callers.
Proofs of claim should be sent to, (i) if by first-class mail, at the Life Partners Claims Processing Center, c/o Epiq Bankruptcy Solutions, LLC, P.O. Box 4421 Beaverton, Oregon, 97076-4421, or (ii) if by overnight mail or hand delivery, to Life Partners Claims Processing Center, c/o Epiq Bankruptcy Solutions, LLC, 10300 SW Allen Blvd, Beaverton, Oregon, 97005.
Importantly, Epiq cannot advise creditors or potential creditors how to file, or whether one should file, a proof of claim. In addition, claims will be resolved via the Company's Plan of Reorganization ("Plan") which is subject to Court approval. While the Company is working diligently to move through this process as quickly as possible, there is no set date for when the Plan will be filed or when claims will be reconciled and paid.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that relate to the intent, beliefs, plans or expectations of the Company, its subsidiaries or their respective management, as well as any estimates or projections for the outcome of events that have not yet occurred at the time of this news release. All statements other than statements of historical fact are forward-looking statements. All forward-looking statements made by the Company or its subsidiaries are predictions and not guarantees of future performance, involve material risks and uncertainties and are subject to change based on factors that are difficult to predict and that may be beyond the control of the Company or its subsidiaries. Such factors include, but are not limited to: those described under the "Risk Factors" section and elsewhere in the Company's past filings with the Securities and Exchange Commission; the risk that the Company and its subsidiaries may not be able to successfully execute any strategic steps, including for reasons outside of the control of the Company, its subsidiaries or the Chapter 11 Trustee; risks and uncertainties relating to the bankruptcy filings by the Company and its subsidiaries, including but not limited to, (i) the ability of the Company and its subsidiaries to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases including the Company's subsidiaries maintaining strategic control as debtors-in-possession, (ii) the ability of the Company and its subsidiaries to prosecute, develop and consummate a plan of reorganization, (iii) the effects of the bankruptcy filings on the Company, its subsidiaries and on the interests of various constituents, (iv) Bankruptcy Court rulings in the Chapter 11 cases as well the outcome of all other pending litigation and the outcome of the Bankruptcy case in general, (v) the length of time the Company and its subsidiaries will operate under the Chapter 11 protection, (vi) risks associated with third party motions in the Chapter 11 cases, which may interfere with the ability of the Company and its subsidiaries to develop and consummate a plan of reorganization, (vii) the potential adverse effects of the Chapter 11 proceedings on the liquidity or results of operations of the Company and its subsidiaries, (viii) the potential adverse effects of the Chapter 11 proceedings on regulatory and licensing agencies of our primary operating subsidiary, Life Partners, Inc., and (ix) increased legal costs to execute the reorganization of the Company and its subsidiaries, and other risks and uncertainties. The Company cautions that trading in the Company's securities during the pendency of the Chapter 11 cases is highly speculative and poses substantial risks. A plan of reorganization could result in the Company's outstanding common stock to be diluted or extinguished and the holders of the Company's common stock may not receive any consideration. Accordingly, the future performance and financial results of the Company and its subsidiaries may differ materially and/or adversely from those expressed or implied in any such forward-looking statements. You should not place undue reliance on forward-looking statements. Neither the Company nor any of its subsidiaries will undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Source:Life Partners, Inc.