RELIABLE MEDICAL EQUIPMENT CORP
| Puerto Rico Bankruptcy Court | |
| Chapter 11 | |
| Case #: | 3:08-bk-05353 |
| Case Filed: | Aug 19, 2008 |
| Dismissed: | Jan 04, 2010 |
| Terminated: | Sep 28, 2011 |
Accountant
JOSE L TORRES
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Creditor
ARECIBO HEALTH MEDICAL EQUIPMENT, INC.
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Creditor
BANCO BILBAO VIZCAYA ARG
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Creditor
CRIM
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Creditor
Department of Justice
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Creditor
Efrain Rivera-Gauthier
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Creditor
FARMACIA LA SALUD, INC.
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Creditor
FIRSTBANK PR
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Creditor
FIRSTBANK PUERTO RICO
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Creditor
MUNICIPIO CAGUAS
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Creditor
STATE INSURANCE FUND CORP
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Creditor
TREASURY DEPARTMENT OF PUERTO RICO
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Debtor
RELIABLE MEDICAL EQUIPMENT CORP
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Interested Party
Medical Card System, Inc.
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U.S. Trustee
MONSITA LECAROZ ARRIBAS
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U.S. Trustee
US TRUSTEE
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GPO
Jan 04 2010
OPINION AND ORDER dated 01/04/10: In view of the foregoing the disclosure statement as supplemented lacks adequate information, sufficient in detail that would enable a hypothetical investor typical of the holders of claims in the case to make an informed judgment about the plan. See, 11 USC §1125. Therefore, the disclosure statement dated May 11, 2009 may not be approved. This court also finds that cause exists warranting the dismissal of the case under 11 USC §1112(b)(A),(E), (F) and (J) due to the absence of a reasonable likelihood of rehabilitation, the failure to comply with an order of the court, the unexcused failure to file the monthly operating reports for September, October and November, 2009, and the failure to file a complete disclosure statement within the time granted by this court. The Debtor has not been able to obtain approval of a disclosure statement within seventeen (17) months from filing. Therefore, the motion to dismiss filed by Firstbank on June 24, 2009 (docket #204) for failure to obtain approval of the disclosure statement and confirmation of a plan within a reasonable period, taken under advisement on September 8, 2009 (docket #239) is hereby granted. In conclusion, approval of the disclosure statement (docket #172) as supplemented is hereby denied; and Firstbanks motion to dismiss (docket #240) is hereby granted. The bankruptcy petition is hereby dismissed. (See Opinion and Order for More Details) (RE: related document(s)172, 198, 204, 207). Signed on 1/4/2010.(RODRIGUEZ, SHANDA) |