BRISBANE, Calif., Dec. 18 /PRNewswire/ -- LifeMasters Supported SelfCare, Inc. ("LifeMasters") today announced that it has completed the sale of substantially all of its assets to StayWell Health Management. The sale was completed pursuant Section 363 of the bankruptcy code at an auction held on December 14, 2009. The bankruptcy court approved the sale order December 17 and the sale of assets is expected to close within three weeks.

"This transaction allows continuity for existing LifeMasters' customers and, since it was completed approximately 90 days after the Chapter 11 filing, it also provides for a timely financial recovery to creditors," said George D. Pillari, Managing Director of Alvarez & Marsal Healthcare Industry Group and Chief Restructuring Officer and President of LifeMasters.

StayWell Health Management is a recognized leader in delivering comprehensive population health management programs and services that help organizations maximize business results by improving employee health and productivity. Founded in 1978, StayWell Health Management is a MediMedia USA Company headquartered in St. Paul, Minn. The company has 350 employees. StayWell's programs and publications help improve the lives of more than 50 million people each year. More information can be found at www.StayWellHealthManagement.com.

LifeMasters Supported SelfCare is a disease management and health improvement company with more than 15 years of experience working with employers, insurers, hospitals and physicians to lower costs and improve patient satisfaction with the healthcare system. LifeMasters is accredited by the National Committee for Quality Assurance (NCQA) and URAC. More information can be found at www.lifemasters.com.

SOURCE LifeMasters Supported SelfCare, Inc.

RELATED LINKS
http://www.lifemasters.com
http://www.StayWellHealthManagement.com