Vanguard Healthcare debtor wins OK of $9.55 million nursing home sale

By Caroline Salls

Pittsburgh, Feb. 27 – Vanguard Healthcare, LLC’s Vanguard of Memphis, LLC debtor obtained court approval to sell its Poplar Point Health and Rehabilitation nursing home in Memphis to MED Healthcare Partners, LLC, according to an order filed Monday with the U.S. Bankruptcy Court for the Middle District of Tennessee.

MED Healthcare will pay $9.55 million for the facility.

Stalking horse bidder Skyline Health Care, LLC will receive a $150,000 break-up fee because it was not the high bidder for the facility.

The company said the sale proceeds will be used to partially satisfy liens.

The sale is scheduled to close on March 31.

Vanguard is a Brentwood, Tenn., long-term care provider. The company filed bankruptcy on May 6, 2016 under Chapter 11 case number 16-03296.

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