Kudos to client Banc of California, a creditor of a healthcare operator that filed for Chapter 11 bankruptcy protection, in receiving court approval for a payment agreement with the debtor. Procopio Partners Maria Pum and Steve Casselberry have represented Banc of California throughout the process.

The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, has approved a stipulation between Banc of California and Mission Medical Investors, LLC, in which Mission Medical can use cash collateral to make protection payments of up to nearly $100,000 monthly to our client, or less if there are insufficient funds after accounting for receivership expenses.

Mission Medical received a loan in excess of $14 million from Banc of California in 2022 and has fallen short on its payments. A deed of trust in the loan on Mission Medical’s Laguna Niguel, California, property involves all rents and profits generated by the property.

With the court approval of this repayment plan, Mission Medical will be able to continue to provide healthcare services without interruption, with Banc of California positioned to continue to receive payments on its loan.

Procopio attorneys regularly represent leaders in the financial services industry and bring clients deep experience in bankruptcy and restructuring procedures and litigation.

The court stipulation is available at PacerMonitor.