Vanguard Healthcare unit’s $7.5 million Vicksburg property sale OK’d

By Caroline Salls

Pittsburgh, Dec. 21 – Vanguard Healthcare, LLC and its Shady Lawn, LLC debtor received court approval to sell a non-debtor subsidiary’s Shady Lawn Health and Rehabilitation Center in Vicksburg, Miss., for $7.5 million, according to an order filed Thursday with the U.S. Bankruptcy Court for the Middle District of Tennessee.

Shady Lawn leases the property from Vanguard wholly owned subsidiary Vicksburg PropCo, LLC.

Shady Lawn LLP, formerly Kame-San JLLP, has agreed to buy the property, according to the motion.

The buyer agreed to pay $4 million in cash to Vicksburg for the real property and to borrow $3.75 million for the balance of the purchase price from Strong Refuge Asset Management, LLC.

Vanguard said it agreed to guarantee the loan to the buyer.

The company said the loan will mature in three years and will bear interest at a fixed rate of 10%.

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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