Promise Healthcare Seeks OK For $22M Ch. 11 Asset Sale
Law360 (August 12, 2019, 9:19 PM EDT) — Bankrupt Promise Healthcare Group LLC sought court approval Friday to accept a new $22 million stalking horse bid on two of its hospitals and to schedule an auction for the properties after failing to close a $25 million sale to Lexmark Holdings LLC.
Florida-based Promise asked a Delaware bankruptcy judge to sign off on an agreement with KPC Promise Healthcare LLC, which has already acquired nine other Promise facilities in the bankruptcy process, for $22 million for Promise’s two Louisiana facilities, the only two left to be sold.
“KPC has proven an ability to timely close the sale of the seller…