Hooper Holmes – Summit Health APA Notes $27 million Cash Consideration for Assets

September 25, 2018 – The Debtors filed with the Court an executed copy of their Amended and Restated Asset Purchase Agreement dated as of September 25, 2018 (the “Stalking Horse APA”)  between the Debtors and Summit Health, Inc. (the “Stalking Horse Bidder”), a subsidiary of Quest Diagnostics Incorporated [Docket No.151]. In respect of consideration the Stalking Horse APA notes, “In exchange for the sale, assignment, transfer, conveyance and delivery by Sellers of the Transferred Assets, Buyer shall provide the consideration (the ‘Consideration’) consisting of cash in the amount of $27,000,000 (the ‘Cash Consideration’), payable upon Closing by wire transfer to an account designated by Sellers; provided, however, that the Cash Consideration shall be reduced by $150,000 for each day that the Closing is delayed past October 10, 2018 (except to the extent such a delay occurs as a result of Buyers breach of its obligations under this Agreement.)”