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Assets of Healthcare Services Business

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Assets of Healthcare Services Business



Price: $38,000,000.00


Other Item Info
Item #: ilnbke_1578070
Created: 09/15/2023
Category: Business Property > All Assets or Going Concerns > Health Care Equipment & Services
Sale Location: Chicago, Illinois
Sale Date: Wed. Oct 18, 2023
Seller Info
Henry B. Merens
Debtor's Attorney
53 W. Jackson Blvd.
Chicago, IL 60604
312 435-1050
Bankruptcy Info
Case #: 1:23-bk-11641
Case Title: St. Margaret's Health - Peru
Court: Illinois Northern Bankruptcy Court
Chapter: 11
View Case Docket

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Description

Sale of substantially all of assets of St. Margaret’s Health-Peru and St. Margaret’s Health-Spring Valley (collectively, the “Sellers”), which include the following assets, properties, and rights related to, used, or held for use in connection with the operation of a licensed acutecare hospital located at 925 West Street, Peru, Illinois 61354 (the “Peru Hospital”), and certain related outpatient and ambulatory medical facilities in the Peru, Illinois area (the “Business”) free and clear of all liens, claims, interests and encumbrances (other than Permitted Encumbrances and Assumed Liabilities), including:

  • The Contracts set forth on Section 2.01(a) of the Disclosure Schedules (the “Assigned Contracts”);
  • All furniture, fixtures, equipment, office equipment, inventory, supplies, drugs, computers, telephones and other tangible personal property located in the Real Property (including the assets described in Section 2.01(b) and Section 6.01(c) of the Disclosure Schedules), and the 24 strands of physical OM2 MM fiber-optic cable and 24 strands of physical single mode fiber connecting the Peru Hospital and the building located at 1305 6th Street, Peru, Illinois 61354 (the “Tangible Personal Property”);
  • All Owned Real Property and Leased Real Property occupied in connection with the conduct of the Business;
  • All Permits, including Environmental Permits, which are held by Seller and required for the conduct of the Business as currently conducted after Seller’s temporary suspension of hospital services at the Peru Hospital or for the ownership and use of the Purchased Assets, including, without limitation, those listed on Section 4.10(b) and Section 4.11(b) of the Disclosure Schedules;
  • Originals, or where not available, copies, of all equipment maintenance files related to the Tangible Personal Property;
  • In recognition of the parties’ understanding that the transaction contemplated by this Agreement, with respect to the Rural Health Clinic, qualifies as a CHOW of such facility owned and operated by Seller, the Medicare assets of Seller related to the Rural Health Clinic, including but not limited to Seller’s rights under its Medicare provider agreements applicable to the Rural Health Clinic;
  • All rights to any Actions of any nature available to or being pursued by Seller to the extent related to the Purchased Assets or the Assumed Liabilities, whether arising by way of counterclaim or otherwise;
  • All prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits, charges, sums and fees (including any such item relating to the payment of Taxes) related to the Purchased Assets or the Assumed Liabilities;
  • All of Seller’s rights under warranties, indemnities and all similar rights against third parties to the extent related to any Purchased Assets or the Assumed Liabilities; and
  • All insurance benefits, including rights and proceeds, arising from or relating to the Purchased Assets or the Assumed Liabilities.

Sale Location

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219 Dearborn Street
Chicago, IL,

Additional Details

  1. Sale Hearing in "Courtroom 644" @ 10:30 a.m.
  2. Purchase Price: Subject to adjustment pursuant to Section 2.10, the aggregate purchase price for the Purchased Assets shall be Thirty-Two Million Three Hundred Fifty Thousand Dollars ($32,350.000.00), (the “Purchase Price”), plus the assumption of the Assumed Liabilities. The Purchase Price shall be paid as provided in Section 3.02. $5,700,000.00 to be held in indemnification escrow in the form of Exhibit A. The Escrow Amount was based on the total purchase price of $38,000,000 (the aggregate value of the first APA and this APA).
  3. Last date to respond: October 13, 2023


Other Information

Terms and Conditions:

See Attached.


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