LRGHealthcare cancels auction for assets after getting no other bids

By Sarah Lizee

Olympia, Wash., Dec. 16 – LRGHealthcare canceled an auction for substantially all of its assets that was scheduled for Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the District of New Hampshire on Monday.

The company said it didn’t receive any other qualified bids and will seek approval of its agreement with Concord Hospital.

As previously reported, Concord has agreed to pay $30 million for the assets under a stalking horse agreement.

The stalking horse bid provides for the continued employment of the debtor’s employees and ensures continued care for the patients in the areas that the debtor now serves.

LRGHealthcare is a Laconia, N.H.-based not-for-profit health care charitable trust operating Lakes Region General Hospital, Franklin Regional Hospital and several other affiliated medical practices and service programs. The company filed Chapter 11 bankruptcy on Oct. 19 under case number 20-10892.

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