Gov't Fails To Nix Carlyle's $320M Hospital Group Buy

Law360, Wilmington (April 2, 2013, 9:07 PM EDT) -- A Delaware bankruptcy judge approved the $320 million sale of LifeCare Holdings Inc. to private equity owner Carlyle Group LP Tuesday, overruling the U.S. government's move to nix the deal because the firm's credit bid didn't account for paying the tax bill generated by the deal.

The government objected to Carlyle's proposed asset acquisition on the ground that the cashless transaction would leave LifeCare unable to pay an estimated $24 million in capital gains taxes, rendering the estate administratively insolvent.

But U.S. Bankruptcy Judge Kevin Gross...
To view the full article, register now.

Related

Sections

Case Information

Case Title

ICL Holding Company, Inc., et al.,


Case Number

1:12-bk-13319

Court

Delaware

Nature of Suit

Date Filed

December 11, 2012

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.