The credit insurer representing creditors of Ohio hospital system Ardent Health has agreed to buy is asking for a delay in approving the Nashville company's $70 million bid. MBIA's concerns center on the agreements Ardent struck with the unions working at Forum Health's facilities.
Jun 16, 2010 9:12 AM
The U.S. Bankruptcy Court’s decision on whether to approve LifePoint Hospitals’ planned purchase of Sumner Regional Health Systems is expected by Friday. At a hearing conducted in Nashville Tuesday afternoon, Judge Marian Harrison said she will “take a couple of more days” to examine all the legal issues in the case. She plans to issue an opinion on the proposed sale agreement by the end of the week. Objections by the bankrupt health system’s home county are mostly to blame for the delay. Sumner County is arguing that the sale must include a provision to continue providing care to inmates (as the health system has traditionally done at no charge) and compensate the county for real estate the county had transferred to the health system years ago. Attorney Jeff Marwil, representing Sumner Regional, argued the county is delaying a sale is in the best interest of the hospitals, patients, doctors and community: “What we have is we have a county that’s searching for dollars and they’re looking to hold up this transaction in hopes that they’re going to get something more than they’re entitled to,” he said. G. Rhea Bucy, representing Sumner County, said the county “has never taken the poison that it would not consent to any sale any time to anybody,” but that there are some issues that need to be worked out. “One of [those issues] being the inmate care, and the other being the value of county assets, taxpayer assets, public assets that were essentially given to this non-for-profit for little or no compensation in 2004, at a time when we thought they would remain an non-for-profit entity and would continue to honor the agreements that we had made.” If the court gives the sale the go-ahead this week, the Tennessee Attorney General’s office must approve the deal. A representative from the office present at the hearing said the office is reviewing all the filings and public comments and expects to issue an opinion at the end of the required 45-day public comment period — one day before the deal’s planned June 30 closing. A Sumner Regional spokeswoman declined to comment on today’s court proceedings.
Jun 16, 2010 7:04 AM
LifePoint Hospitals' path to buying bankrupt Sumner Regional Health Systems is clear of competition. As most watching the deal had predicted, no other bidders challenged LifePoint's $145 million bid for the local four-hospital health system, meaning downtown's U.S. Bankruptcy Court will rule on the proposed acquisition deal tomorrow afternoon. According to Robert Guy, an attorney with Frost Brown Todd representing SRHS, the court-required auction was set for 11 a.m. this morning, but "there were no qualified competing bids, and therefore there was no auction." Including a provision for working capital, the total deal value is about $154 million. Sumner Regional will move forward with the sale hearing tomorrow at 1 p.m.
Jun 14, 2010 1:44 PM
Ardent's plan to buy Ohio hospital system Forum Health out of bankruptcy has plenty of community support, with elected officials and labor unions voicing their approval. Only the bankrupt Forum's creditor group, which is owed many millions more than Ardent is offering to pay, is still skeptical.
Jun 11, 2010 8:13 AM
Three-hospital Forum would get up to $70M in upgrades
Jun 10, 2010 10:58 AM
Home goods retailer exits Chapter 11 with funding from out-of-state bank
Jun 9, 2010 2:31 PM
A Youngstown union leader says Ardent is on the verge of submitting a formal bid for the assets of the bankrupt Forum Health system. The Nashville-based company appears to be walking into a hornet's nest of a court case, though.
Seeking to compel an extension of cash collateral -- money without which Forum could not continue to operate its three area hospitals and other affiliates -- Forum's told the court it is "poised to file either a motion to sell their assets or a plan or reorganization and has attempted to determine if a sale or plan "could be accomplished on a consensual basis." Those efforts "have not been met with any degree of cooperation" from the consent parties but rather a demand that Forum cede them "complete control" over the combined Chapter 11 cases.
Jun 4, 2010 7:43 AM
Assessing the chances of LifePoint getting company in its bid for the bankrupt Sumner Regional [From our print edition featured in this week's City Paper]
May 31, 2010 10:02 AM
Manier & Herod shareholder Michael Collins has become the 11th Nashville attorney to receive national certification in business bankruptcy law from the American Board of Certification. The certification means Collins, a past chair of the Nashville Bar Association's bankruptcy committee, has devoted at least 30 percent of his practice time and at least 400 hours to bankruptcy-related matters in the past three years while also completing 60 hours of continuing education.
May 25, 2010 2:01 PM
iPayment chief Daily parts with vintages dating back to 1842
May 18, 2010 3:15 PM
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS