Vanguard Healthcare debtor seeks OK of at least $30 million sale

By Caroline Salls

Pittsburgh, April 25 – Vanguard Healthcare, LLC debtor Whitehall Opco, LLC requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the Middle District of Tennessee.

Whitehall owns and operates a nursing home known as Whitehall of Boca Raton.

Vanguard said no stalking horse bid has been obtained for the assets. The debtor previously entered into a purchase agreement with Skyline Health Care, LLC, but the original purchase offer was withdrawn and replaced with one that Vanguard said was “below the minimum level required to satisfy the amounts to be paid to the debtors’ secured creditor and landlord.”

Under the proposed procedures, bids must be for at least $30 million and must include a deposit of no less than $500,000.

The bids must provide for payment at closing of $21.5 million to Healthcare Financial Solutions Inc. and $7.2 million to WHJ LLP, the owner of the debtor’s leased real property.

The specific bid deadline and auction date were not disclosed in the motion.

Vanguard is a Brentwood, Tenn., long-term care provider. The company filed bankruptcy on May 6, 2016 under Chapter 11 case number 16-03296.

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