Advertisement

University General Health System Highest Bidder Announced

Advertisement

According to the U.S. Bankruptcy Court docket, University General Health System filed a notice of highest and best bid and an executed purchase and sale agreement.

The Debtor has determined that Foundation Surgical Hospital Holdings offered the highest and best bid with its $33 million offer.

The notice states, “Pursuant to the Bid Procedures Order, the Debtors received one bid in the form of a Purchase and Sale Agreement from Foundation Surgical Hospital Holdings (‘Foundation’). After further discussion and negotiations, the Debtors designated a modified bid from Foundation as a Qualified Bid pursuant to the Bid Procedures Order. No other Qualified Bids were received. Accordingly, the Debtors did not conduct an auction on November 5, 2015 and designated Foundation’s modified bid as the Highest and Best Bid.”

Read more UGHS bankruptcy news.