Quincy Medical Center bid procedures approved; auction set for Aug. 15

By Caroline Salls

Pittsburgh, July 19 - Quincy Medical Center, Inc. received court approval of the bidding procedures for the proposed $38 million sale of substantially all of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

Steward Medical Holdings Subsidiary Five, Inc. and Steward Medical Holdings LLC submitted the stalking horse bid.

Competing bids must exceed the stalking horse bid by at least $1 million, plus an $875,000 break-up fee to be paid to Steward if it is not the high bidder at auction.

According to the bid procedures, competing bids are due by 4 p.m. ET on Aug. 8. The auction will be held on Aug. 15, and a hearing on approval of the winning bid is scheduled for Aug. 17.

All bids must include a $3.5 million deposit.

The asset sale is subject to approval by the bankruptcy court, the Massachusetts Department of Public Health and the Office of the Attorney General of Massachusetts.

Quincy Medical Center filed for bankruptcy on July 1. Its Chapter 11 case number is 11-16394.

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