Verity Health purchaser appeals order setting sale closing deadline

By Caroline Salls

Pittsburgh, Dec. 4 – Verity Health System of California, Inc. asset purchaser Strategic Global Management, Inc. filed an appeal Tuesday of a court order requiring it to close the sale of the company’s assets by Dec. 5, according to a notice filed with the U.S. Bankruptcy Court for the Central District of California.

As previously reported, the court ruled last month that SGM was obligated to promptly close the sale.

“The court’s primary finding is that the debtors have complied with their obligation under the APA to obtain a final, non-appealable supplemental sale order, and that accordingly SGM is now obligated to promptly close the SGM sale, provided that all other conditions to closing have been satisfied,” a Nov. 18 order said.

A Nov. 27 order said all of the other conditions had been satisfied as of Nov. 19.

Verity is a Los Angeles-based nonprofit health care system. The company filed bankruptcy on Aug. 31, 2018 under Chapter 11 case number 18-20151.

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