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22 parties interested in buying bankrupt hospital chain sign nondisclosures

Twenty-two parties interested in purchasing some or all of Americore Holdings' assets have signed nondisclosure agreements, according to a Chapter 11 trustee status report published June 17. Americore Holdings is a Florida-based three-hospital network that filed for bankruptcy in December.

In the report, the trustee said she has communicated with numerous parties who are interested in proposing a bid for the hospital chain's assets. However, it’s unclear if the interested parties ultimately submitted bids.

One of the known bids for the bankrupt hospital chain and its assets is Third Friday Total Return Fund, a West Palm Beach, Fla.-based hedge fund. The hedge fund submitted a proposal to take over ownership of all of Americore's assets. The proposal includes a $25 million credit bid and $22 million in cash.  

Fort Lauderdale-based Americore has three hospitals in its network, including Ellwood City (Pa.) Medical Center which closed Jan 31. Its other two hospitals are St. Alexius Hospital in St. Louis, Mo., and Izard County Medical Center in Calico Rock, Ark. Both are on shaky financial footing.

Editor's Note: This article was updated July 1 at 6:03 p.m. to clarify that the 22 parties signed nondisclosure agreements.

More articles on healthcare industry transactions: 
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Orlando Health, LHC Group to form joint venture
Advocate Aurora, Beaumont merger would create $17B system with 36 hospitals

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