LCI Holdco, the parent company of Plano, Texas-based hospital operator LifeCare Holdings, announced it will sell substantially all of its assets to a limited liability corporation formed by LifeCare's senior secured lenders.
LifeCare, which operates 27 long-term acute-care hospitals across 10 states, declared bankruptcy in December and received no qualified bids by a court-designated deadline last week other than one from Hospital Acquisition, the stalking horse purchaser LifeCare's lenders set up in its Chapter 11 proceedings.
After an approval hearing scheduled for April 2, the transaction is expected to be completed this summer.
SSM Health Care Acquires Audrain Medical Center in Missouri
Hospital and Health System Transactions (March 2013)
LifeCare, which operates 27 long-term acute-care hospitals across 10 states, declared bankruptcy in December and received no qualified bids by a court-designated deadline last week other than one from Hospital Acquisition, the stalking horse purchaser LifeCare's lenders set up in its Chapter 11 proceedings.
After an approval hearing scheduled for April 2, the transaction is expected to be completed this summer.
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Hospital and Health System Transactions (March 2013)