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.
More articles on healthcare finance:
CHS to close 2 hospitals: 3 things to know
Nurses claim they’re paying for supplies at Oklahoma hospital|
14 latest hospital bankruptcies
