November 10, 2018 / 1:26 AM / 7 months ago

Promise Healthcare seeks $85 mln loan to expedite sales in Ch. 11

Bankrupt hospital and nursing home chain Promise Healthcare Group LLC is pushing for an order for final approval of an $85 million loan package to support it while it seeks to sell assets in coming weeks and avoid being pushed into liquidation.

The debtor-in-possession (DIP) loan package from Wells Fargo is a “necessary bridge” to help cement the sales, which will raise proceeds for recoveries for creditors, Promise Chief Restructuring Officer Andrew Hinkelman said in a filing on Friday in U.S. Bankruptcy Court in Delaware.

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