Carlyle's Hospital Group Heads To Ch. 11 Seeking Sale

Law360, Wilmington (December 11, 2012, 4:21 PM EST) -- LCI Holding Co. Inc., a network of 27 hospitals owned by private-equity giant Carlyle Group LP, on Tuesday sought Chapter 11 protection in Delaware and said it planned to auction nearly all its assets after prior efforts to find a buyer or additional financing came to naught.

Struggling in the face of $484.2 million in long-term debt, lingering problems from Hurricane Katrina and federal restrictions, the Texas-based parent of LifeCare Holdings Inc. filed for bankruptcy to pursue a Section 363 sale, and its lenders agreed to...
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