Promise Healthcare's Ch. 11 Sale Swings Back To Lexmark

Law360, Wilmington (August 27, 2019, 6:17 PM EDT) -- Bankrupt hospital operator Promise Healthcare Group LLC pivoted back to the original buyer for its Louisiana medical facilities Tuesday, telling a Delaware judge that the renewed deal includes an additional $1 million consideration.

During a hearing in Wilmington, Promise Healthcare attorney John Tishler of Waller Lansden Dortch & Davis LLP said Lexmark Holdings LLC was now offering $24.5 million for the Louisiana facilities after a dispute arose when Lexmark couldn’t close on its original court-approved sale at $23.5 million.

When it failed to close, Lexmark’s exclusive right to complete a sale expired, leading to a competing offer from KPC Health System...

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