Constellation Healthcare requests approval of asset sale procedures

By Caroline Salls

Pittsburgh, May 11 – Constellation Healthcare Technologies, Inc. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed with the U.S. Bankruptcy Court for the Eastern District of New York.

Medical Transcription Billing, Corp. is the stalking horse bidder with a $10 million bid.

Competing bids are due by 4 p.m. ET on June 14 and must exceed the stalking horse bid by at least $250,000, plus $600,000 in bid protections to be paid to Medical Transcription Billing if it is not ultimately the high bidder.

An auction will be held on June 18, if necessary. Bids at auction must be made in minimum increments of $250,000.

Houston-based Constellation is a health care services organization providing outsourced revenue cycle management, practice management and group purchasing services to U.S. physicians. The company filed bankruptcy on March 16 under Chapter 11 case number 18-71748.

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