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Bankrupt hospital chain receives $63M bid

Promise Healthcare Group, a bankrupt hospital and nursing home chain based in Boca Raton, Fla., received a $63 million offer for its Florida facilities, according to Reuters.

Promise Healthcare and more than 40 of its affiliates entered bankruptcy in November after years of financial troubles. In bankruptcy court documents, Promise reported more than $565 million in combined debt.

The company is selling its assets through the bankruptcy process, and Mechanicsburg, Pa.-based Select Medical placed a $63 million bid for its Florida assets. Select Medical's offer is a stalking horse bid, meaning Promise will evaluate competing bids to ensure it receives the highest offer for its assets.

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