July 31, 2018 – The U.S. Bankruptcy Court has approved an Asset Purchase Agreement (“APA”) and Sale Order filed by New York Network Management (“NYNM”), an indirect subsidiary of Orion Healthcorp, pursuant to which certain NYNM assets (the “NYNM Assets”) have been sold to HealthTek Solutions for $16.5 million. The Order [Docket No. 445] states, “NYNM Management did not receive any Qualified Bids by the Bid Deadline. Therefore, in accordance with the Bidding Procedures, the Auction was cancelled and the Purchaser was deemed the Successful Bidder (HealthTek Solutions). A hearing on objections, if any, to the assumption and assignment of the Additional Assumed Contracts, shall be heard on August 21, 2018.” As previously reported, “On June 19, 2018, the Initial Debtors received the Agreement from the Stalking Horse for the purchase of substantially all of the Debtors’ assets, including the NYNM Assets, in the amount of $23.0 million (the ‘Initial Offer’)….On June 25, 2018, the Initial Debtors commenced the Initial Auction in accordance with the First Bidding Procedures Order. In connection with the Initial Auction, the Initial Debtors asked HealthTek to bifurcate its Initial Offer and increase its offer for the NYNM Assets. In response, HealthTek bifurcated its Initial Offer into an offer for the RCM Business for $10.6 million and an offer for the NYNM Assets for $16.5 million….On July 5, 2018, New York Network Management (‘NYNM Management’) entered into that certain Asset Purchase Agreement for the sale of certain of its assets (the ‘NYNM Assets’) to HealthTek Solutions (together with any permitted assignee, the ‘Purchaser’), which provides for, among other things, the payment of $16.5 million.”
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