LifeCare Holdings: Court approves sale of assets to senior lenders

By Lisa Kerner

Charlotte, N.C., April 4 - LCI Holdco, LLC, parent company of LifeCare Holdings, Inc., received court approval to sell its assets to Hospital Acquisition LLC, owned by LifeCare's senior secured lenders, according to an April 4 filing with the U.S. Bankruptcy Court for the District of Delaware.

Hospital Acquisition was the stalking-horse bidder and the successful bidder after no other bids were received by the bid deadline, a prior filing said.

The winning bidder's offer included a $320 million credit bid plus cash to cover administrative expenses.

The transaction is expected to close this summer, according to a company news release.

Additionally, the court scheduled a hearing for May 7th to consider the proposed sale of substantially all the assets of Complex Care Hospital of Idaho, an LCI subsidiary, to an affiliate of Vibra Healthcare, LLC.

LifeCare is a Plano, Texas-based health-care consulting and management services company. The Chapter 11 case number is 12-13319.

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