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Orion Healthcorp Sale Procedures Approved

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The U.S. Bankruptcy Court issued an order (i) approving bidding procedures relating to the sale of certain of the Debtors’ Assets, (ii) approving bid protections, (iii) approving the form and manner of notice of sale by auction, (iv) establishing procedures for noticing and determining cure amounts and (v) scheduling a hearing on the proposed sale.

As previously reported, “The ‘Stalking Horse’ or Purchaser is Medical Transcription Billing, Corp. The aggregate consideration for the sale and transfer of the Purchased Assets (the ‘Purchase Price’) shall be an amount equal to the greater of (a) $10,000,000 and (b) the Base Purchase Price….Within 48 hours of the entry of a Bidding Procedures Order providing for the payment of a Break-up Fee and Expense Reimbursement, Purchaser will execute and deliver to Sellers and an escrow agent mutually acceptable to Sellers and Purchaser (the ‘Escrow Agent’) an escrow agreement among Purchaser, Sellers and the Escrow Agent (the ‘Escrow Agreement’) and, upon execution and delivery of the Escrow Agreement by each of the other parties thereto, Purchaser will deliver to the Escrow Agent, pursuant to the terms of the Escrow Agreement, an amount equal to $1,000,000 in immediately available funds (the ‘Cash Deposit’).” The following dates are re-scheduled: sale hearing on June 28, 2018, with sale objection due by June 14, 2018; bid deadline on June 14, 2018; and auction on June 18, 2018.

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The post Orion Healthcorp Sale Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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