PBGC Backs St. Vincent's Auction With Reservations

Law360, New York (July 18, 2011, 6:54 PM EDT) -- Pension Benefit Guaranty Corp. voiced its support Monday for Saint Vincent's Catholic Medical Centers' planned sale of its nursing home operations in Staten Island, but told a New York bankruptcy court it was concerned about interdebtor claims.

In its statement supporting the auction and bid procedures, which the court approved along with a $34 million stalking horse bid for the assets on June 30, PBGC said it supports the proposed sale of St. Elizabeth Ann's Health Care & Rehabilitation Center and related real estate assets because...
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