Miami Medical Center approved to sell assets to Variety Children’s

By Caroline Salls

Pittsburgh, July 27 – Miami International Medical Center, LLC, which does business as the Miami Medical Center, received court approval to sell substantially all of its assets to Variety Children’s Hospital, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

In May, Miami Medical received court approval of a settlement under which Variety will have an allowed secured claim in the Miami International bankruptcy case equal to a secured debt amount and debtor-in-possession financing amount and had the right to credit bid the full amount of that claim.

In addition, Variety will have a $2.23 million allowed unsecured claim on account of amounts owed under a pre-bankruptcy credit agreement and a $5.89 million unsecured claim for unpaid rent.

A $1.8 million payment made by Variety will be allocated under the settlement, with $209,528 to be used to pay priority claims against the Miami International estate and any remaining balance from that amount to be contributed to an unsecured creditor fund.

A total of $1.59 million of the Variety payment will be used to pay administrative and professional expenses.

The Miami-based company does business as Miami Medical Center. The company filed bankruptcy on March 9 under Chapter 11 case number 18-12741.

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