Grupo Hima San Pablo seeks OK of bid procedures, stalking horse deal

By Sarah Lizee

Olympia, Wash., Aug. 23 – Grupo Hima San Pablo Inc. is seeking approval of bid procedures for its assets and a stalking horse agreement with Fajardo Integrated, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Puerto Rico.

Fajardo has offered to purchase some of the assets for $7 million. The deal includes a breakup fee of $350,000 and an up to $150,000 expense reimbursement.

The debtors are also seeking approval to enter additional stalking horse agreements. The deadline to do so would be Sept. 4.

The bid deadline under the bid procedures is Sept. 11, and an auction would be scheduled for Sept. 14.

The Caguas, Puerto Rico-based health care services company filed bankruptcy on Aug. 15 under Chapter 11 case number 23-02510.

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