Loyola Plans Consolidated, Inc. (LPCI), a pre-need firm, is set to divest its shares in Loyola Memorial Chapels & Crematorium, Inc. (LMCCI) as part of its liquidation process, as stated in a notice issued by the Insurance Commission (IC).
According to information available on the IC’s website, LPCI is making available for sale 804,898 shares of LMCCI stock, constituting 32.19% of the total outstanding shares. Interested parties are invited to submit their bids within 30 days from January 7, 2024.
The sale is to be conducted on an “as-is-where-is” basis, with payment required in cash. The IC stipulates that the minimum offer price should not fall below the book value or the current market value, whichever is higher, as determined by the IC or another relevant agency.
The transaction will be subject to deductions for applicable taxes, transfer costs, and fees, which will be the responsibility of the buyers. This approach aims to maximize value for LPCI’s planholders, the IC noted.
LMCCI holds the right of first refusal, enabling it to match offers made by third parties, according to the insurance regulator.
Loyola Plans Consolidated entered liquidation on September 29 of the current year, indicating insolvency and the inability to resume operations. This action resulted in the cancellation of all issued policies and a prohibition on writing new business.
Having been placed under conservatorship in March and subsequently under receivership in May due to financial incapacity, LPCI is now open to claims from parties until April 18, 2024. Claims filed after this date will be excluded from standard liquidation proceedings and instead referred to the company for reconsideration during its dissolution and winding-up proceedings.
