Promise Healthcare Suitor Claims Push To Exit Ch. 11 Sale

Law360, Wilmington (August 20, 2019, 8:52 PM EDT) -- The manager of a once-approved buyer of bankrupt Promise Healthcare's two remaining hospitals told a Delaware judge on Tuesday he was advised in blunt terms to walk away from his $23.5 million deal by the CEO of a company now awaiting approval to acquire both facilities for $22 million.

Mark Tress, manager of Lexmark Holdings LLC, testified before U.S. Bankruptcy Judge Christopher S. Sontchi that his company remains prepared to close on its deal for the Louisiana hospitals by the end of the month, despite a Promise motion for court approval of the $22 million cash deal with an affiliate of...

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