World Health Alternatives gets court OK of $43 million asset sale bid procedures

By Caroline Salls

Pittsburgh, March 17 - World Health Alternatives, Inc. obtained court approval of the bidding procedures and its choice of Jackson Healthcare Staffing, LLC as stalking horse bidder for the proposed $43 million sale of substantially all of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The auction will be held on April 18, with a sale hearing scheduled for April 20.

The sale also includes about $10 million in assumed liabilities.

Jackson must pay a $2.5 million deposit, with $1 million payable upon entering a purchase agreement and $1.5 million due after entry of the bidding procedures order.

If Jackson is not the high bidder, World Health will pay it a $1.61 million break-up fee.

The initial overbid will be $2.1 million more than the purchase price. Each successive bid must be for at least $100,000 more than the previous bid.

According to the release, the sale is expected to close in six to eight weeks.

Based in Pittsburgh, World Health Alternatives provides staffing services for the medical industry. It filed for bankruptcy on Feb. 20. Its Chapter 11 case number is 06-10166.

© 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.