LRGHealthcare gets court approval to sell assets to Concord Hospital

By Sarah Lizee

Olympia, Wash., Dec. 24 – LRGHealthcare received court approval to sell substantially all of its assets to Concord Hospital, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of New Hampshire.

As previously reported, the company canceled an auction for the assets as it had received no other qualified bids.

Concord agreed to pay $30 million for the assets under a stalking horse agreement.

The stalking horse bid provides for the continued employment of the debtor’s employees and ensures continued care for the patients in the areas that the debtor now serves.

LRGHealthcare is a Laconia, N.H.-based not-for-profit health care charitable trust operating Lakes Region General Hospital, Franklin Regional Hospital and several other affiliated medical practices and service programs. The company filed Chapter 11 bankruptcy on Oct. 19 under case number 20-10892.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.