Loyola Plans to sell shares in LMCCI as part of liquidation

PRE-NEED FIRM Loyola Plans Consolidated, Inc. (LPCI) will sell its shares in Loyola Memorial Chapels & Crematorium, Inc. (LMCCI) as part of its liquidation process, the Insurance Commission (IC) said in a notice to the public.

The firm is offering for sale 804,898 shares of stock in LMCCI, the notice posted on the IC’s website showed. This is equivalent to 32.19% of the outstanding shares of stock of LMCCI.

Interested parties may send their bids within 30 days from Jan. 7, 2024.

The IC said the sale will be on an “as-is-where-is” basis and the payment must be made in cash.

“The minimum offer price must not be less than its book value or its current market value as determined by IC or other relevant agency, whichever is higher,” it said.

“The sale shall be net of all applicable taxes, transfer costs, and fees which shall be for the account of the buyers, in order to maximize the value for LPCI’s planholders,” it added.

LMCCI will have the right of first refusal and can match offers made by third parties, the insurance regulator said.

The IC placed Loyola Plans Consolidated under liquidation on Sept. 29 this year, meaning it is insolvent or can no longer resume operations and effectively canceling all issued policies and prohibiting it from writing new business.

The pre-need firm was first placed under conservatorship in March as the IC deemed it was financially incapable of continuing to pay benefits to its policyholders. It was then placed under receivership in May.

Parties may file their claims against the company until April 18, 2024.

Claims filed after the date shall be barred from the normal liquidation proceedings and shall instead be referred to the company for reconsideration in its dissolution and winding up proceedings. — L.M.J.C. Jocson