The company I was working with was closed. The health plan was terminated. I have pre-conditions sucha as high blood pressure so I'm not eligible for an individual health plan. Am I eligible for COBRA? What option do I have other than a group plan?

If you can afford it you should be eligible. COBRA is supposed to take over when you lose your company insurance.

Have you looked this site over yet?

FAQs About COBRA Continuation Health Coverage (http://www.dol.gov/ebsa/faqs/faq_consumer_cobra.html)

The insurance provider from your other company is suppose to ( actually required by law) to send you information on the cobra insurance.
You will have 60 days ( I believe) from the date your other insurance terminates to sign up.

Now it is not going to be cheap it will be the amount you paid, plus the amount the company was paying ( plus a small admin fee allowed)

There is no COBRA if the companies plan is terminated.
The carrier will send a letter explaining the loss of coverage. You should have 63 days to pick up another plan with no lapse in coverage and no new waiting period. Check with a local broker.

Actually if a company closes, the companies plans ends, but the insurance carrier is required to offer similar coverage under cobra.
Also the plans available though other carriers are normally very poor at a very high price, They need to check with the insurance carrier that provided the company insurance, cobra will be in effect on this

Not so, unless your state has differnet regulations. Federal law only requires COBRA when the ex-employer has/continues a group health plan.
Following is from Dept of Labor "Employer's Guide to Group Health Continuation Coverage Under COBRA". Page 15. #2

Early Termination
A group health plan may terminate continuation coverage earlier than
The end of the maximum period for any of the following reasons:
1; Premiums are not paid in full on a timely basis;
2; The employer ceases to maintain any group health plan;
3; A qualified beneficiary begins coverage under another group
Health plan after electing continuation coverage (as long as that
Plan doesn’t impose an exclusion or limitation with respect to a
Preexisting condition of the qualified beneficiary);
4 A qualified beneficiary becomes entitled to Medicare benefits
After electing continuation coverage;
5; A qualified beneficiary engages in conduct that would justify the
Plan in terminating coverage of a similarly situated participant or
Beneficiary not receiving continuation coverage (such as fraud).