PLANO, Texas, March 18, 2013 /PRNewswire/ -- LCI Holdco, LLC (the Company), the parent company of LifeCare Holdings Inc., today announced that it will proceed with the sale of substantially all of its assets to Hospital Acquisition, LLC the stalking horse purchaser in the Company's pending Chapter 11 cases. Hospital Acquisition, LLC is a vehicle formed and supported by LifeCare's senior secured lenders.
In its December filings with the United States Bankruptcy Court for the District of Delaware, the Company sought and received approval of procedures to facilitate participation by other potential interested parties as part of a Court-supervised sale process. The deadline for receipt of bids was 5 p.m. EDT March 13, 2013, and no other qualified bids were received.
A hearing to approve the sale is scheduled for April 2, 2013, and the proposed transaction is expected to be completed this summer. In addition to Court approval, closing of the transaction is subject to the satisfaction of usual and customary conditions, including obtaining all necessary regulatory consents.
Information about the Chapter 11 cases, including access to court documents, can be obtained in the News section of the Company's website at www.Lifecare-Hospitals.com.
About LifeCare Holdings, Inc.
LifeCare, based in Plano, Texas, currently operates 27 long term acute care hospitals located in ten states. Long-term acute care hospitals specialize in the treatment of medically complex patients who typically require extended hospitalization. For more information on LifeCare, visit our website at www.lifecare-hospitals.com.
This press release includes forward-looking statements regarding, among other items, operations, proposed regulations and their possible effect on the Company's results. Such statements are subject to a number of uncertainties and risks that could significantly affect current plans. Furthermore, actual results may differ materially from those experienced or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, risks relating to operating in a regulated environment, implementing our business plan, maintaining relationships with physicians in our markets, availability of sufficient nurses and therapists, competition, retaining key management, ability to service our debt requirements, litigation matters and availability of insurance. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. As a result, you should not place undue reliance on forward-looking statements, which reflect management's views only as the date hereof. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE LCI Holdco, LLC