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Orion Healthcorp Auction Results Filed, Successful Bidder Designated

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Orion Healthcorp filed with the U.S. Bankruptcy Court a notice of auction results in connection with the sale of certain of the Debtors’ assets. The notice states, “Upon conclusion of the Auction, the Debtors determined, pursuant to the Bidding Procedures and subject to the Bankruptcy Court’s approval, that the highest or otherwise best bidder was Medical Transcription Billing (the ‘Successful Bidder’) and the second highest or otherwise best bidder was HealthTek Solutions (the ‘Backup Bidder’). The asset purchase agreements of the Successful Bidder and the Backup Bidder, as these documents may have been modified by the Successful Bidder and the Backup Bidder at the Auction (respectively, the ‘Successful Bid’ and the ‘Backup Bid’), are Exhibit A-1 and Exhibit A-2, respectively…. Purchaser shall assume the NYNM Contracts and the Assumed Liabilities related to the NYNM Assets and Purchaser shall pay to Sellers the NYNM Purchase Price….Purchaser has delivered to Fidelity National Title Company as designated escrow agent for the Sellers (the ‘Escrow Agent’) an amount equal to $500,000 in immediately available funds (the ‘Cash Deposit’).” The sale document notes, “Within 48 hours of the entry of a Bidding Procedures Order providing for the payment of a Break-up Fee and Expense Reimbursement as set forth in Section 6.4.2, 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 Bidding Procedures Order provides that the Sale Hearing will be held on June 28, 2018, with sale objections due by June 27, 2018.

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The post Orion Healthcorp Auction Results Filed, Successful Bidder Designated appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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