Promise Healthcare Group, a bankrupt hospital and nursing home chain based in Boca Raton, Fla., is planning to sell its remaining assets.
Promise Healthcare and more than 40 of its affiliates entered bankruptcy in November after years of financial troubles. In bankruptcy court documents, Promise reported more than $565 million in combined debt.
Promise began seeking buyers for its facilities before it entered the bankruptcy process. "Since July 23, 2018, the debtors have engaged in a robust marketing process, which has resulted in formal bids for various of the debtors' assets," Promise said in a court document filed Jan. 1.
The company has secured buyers for its facilities in Los Angeles, San Diego and St. Louis, and plans to sell the rest of its assets at auction on Feb. 20.
More articles on healthcare finance:
3 hospitals close in Kansas, Tennessee
Minnesota hospital apologizes for billing mistake
Medicare bundled payment program cuts spending for joint replacements