Vanguard Healthcare unit eyes $7.5 million Vicksburg property sale

By Caroline Salls

Pittsburgh, Oct. 16 – Vanguard Healthcare, LLC and its Shady Lawn, LLC debtor requested court approval to sell a non-debtor subsidiary’s Shady Lawn Health and Rehabilitation Center in Vicksburg, Miss., according to a motion filed Oct. 16 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.

According to the motion, Vicksburg wants to sell the property to Shady Lawn LLP, formerly Kame-San JLLP, for $7.5 million.

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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