Promise Healthcare confirms plan of liquidation after successful closing of multiple sales

Promise Healthcare Group, LLC and certain of its affiliates filed for Chapter 11 bankruptcy protection in November 2018. As of the petition date, the Promise debtors operated two short-term acute care hospitals, fourteen long-term acute care hospitals, and two skilled nursing facilities and had over $200 million in assets and over $350 million in liabilities, including over $68 million in secured funded debt and over $200 million in secured funded intercompany debt.

Waller negotiated the sale of almost twenty general medical-surgical and long term acute care hospitals and skilled nursing facilities. Waller also negotiated a settlement between the official committee of unsecured creditors and the ultimate beneficiaries of Promise's intercompany debt, allowing the Debtors to propose and confirm a plan of liquidation that will yield significant recoveries for unsecured creditors.

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