Quote:
Originally Posted by BrianL99
Generally, Bankruptcy sales are "asset sales", not the sale of a corporation. I'm far from an expert on Bankruptcy, but every business we've bought out of bankruptcy, were asset sales.
...
It seems if the proposed sale were to transform into an asset sale, a lot of the issues go away. The liabilities don't attach to the sale and the proceeds are held by the Bankruptcy Judge, to be used as he determines.
As TV Health apparently has limited assets (essentially, only its patient base), it seems this would be a logical way to go.
|
Quote:
Originally Posted by Rainger99
The document is 139 pages.
• The order approves the sale of substantially all assets of The Villages Health System, LLC (the Debtor) to CenterWell Senior Primary Care (FL), Inc. (the Buyer) pursuant to sections 363 and 365 of the Bankruptcy Code.
• Key aspects of the approved sale:
Sale is free and clear of all liens, claims, encumbrances and interests
...
Purchase price represents highest and best offer for the assets
Sale conducted in good faith and at arms-length
• Key findings by the Court:
..
Transfer of assets free and clear of claims is appropriate under section 363(f)
• Notable provisions:
Buyer not assuming liabilities except as expressly provided
Healthcare Program Claims excluded from assumed liabilities
• The order includes detailed provisions protecting the Buyer from successor liability while preserving certain rights of governmental authorities and healthcare programs to pursue claims unrelated to the asset purchase.
This order represents the final approval of the sale transaction and provides the legal framework for closing the sale and transferring the assets to the Buyer.
|
Simple and typical Bankruptcy.
Asset sale.
Assume no liabilities.
Assume leases & contracts (assets).
Assume customer base, good name & reputation, including all intellectual property, trademarks, etc. (all assets).
Court holds the money for disbursal. Secured creditors get paid. Government is next in line. No personal liability, unless there was some sort of fraud that can be proven.
Seems like the best possible outcome for patients and employees and perhaps for the principals. It remains to be seen how that gets solved. Seems like Bob Trinh is out of a job, but he'll get another one.