Haven Healthcare looks to sell all assets

By Caroline Salls

Pittsburgh, March 24 - Haven Healthcare Management, LLC has set the bid procedures for the proposed sale of all of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Connecticut.

The company's debtor-in-possession financing agreement requires it to secure an order approving the bid procedures by April 1, as well as an order approving the sale by May 30.

If Haven selects a stalking horse bidder before the auction, it would pay that bidder a 3% break-up fee if it ultimately is not the high bidder for the assets.

Also, if a stalking horse bid is selected, initial overbids must be for at least the sum of the stalking horse bid, the amount of the break-up fee and a $1 million overbid.

At the auction, each bid must be for at least $250,000 more than the previous bid.

The assets being sold include six owned and 19 leased facilities located in five states in New England, plus all of the assets owned or leased by the company at these facilities and Haven's corporate headquarters, including inventory, accounts, furniture, fixtures, equipment and trade names.

Haven, a Middletown, Conn.-based nursing home operator, filed for bankruptcy on Nov. 20. Its Chapter 11 case number is 07-32722.

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