LifeCare assets attract no new bidders; senior lenders' bid succeeds

By Jim Witters

Wilmington, Del., March 18 - LCI Holdco, LLC, parent company of LifeCare Holdings, Inc., named stalking-horse bidder Hospital Acquisition LLC the successful bidder after no other bids were received by the deadline, according to a March 18 filing with the U.S. Bankruptcy Court for the District of Delaware.

Hospital Acquisition LLC is owned by LifeCare's senior secured lenders.

Hospital Acquisition's offer included a $320 million credit bid plus cash to cover administrative expenses.

The March 20 auction for the company's assets is canceled.

The sale hearing has been rescheduled to 3 p.m. ET on April 2 from March 21.

LifeCare is a Plano, Texas-based health-care consulting and management services company. The Chapter 11 case number is 12-13319.

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