LifeCare, Creditors Reach Deal Backing $320M Carlyle Sale

Law360, Wilmington (April 26, 2013, 10:21 PM EDT) -- LifeCare Holdings Inc. and its creditors committee reached a settlement Friday that would provide unsecured creditors with about $3.5 million in cash in exchange for the committee supporting the hospital group's Chapter 11 plan, which includes its $320 million sale to private equity firm Carlyle Group LP.

The agreement should be approved because it represents an outstanding result for creditors and will benefit all parties involved in the case, the official committee of unsecured creditors said in a motion filed in Delaware bankruptcy court.

“The committee,...
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