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Sep 3, 2010
U.S. Bankruptcy Judge Erik Kimball
Auction Option For US Recruiter
U.S. Bankruptcy Judge Erik Kimball approved an auction to determine who will take control of Medical Staffing Network Holdings
The Boca Raton-based temporary nurse staffing company filed for Chapter 11 reorganization on July 2 with a plan for it largest creditors to take over the company. Its stock has been delisted, effectively wiping out its shareholders.
On July 23, the judge set an Aug. 17 deadline for potential buyers to bid for the company by contacting Medical Staffing’s bankruptcy counsel, Berger Singerman in Fort Lauderdale.
A significant bid is expected from MSN AcquisitionCo, a company formed by Medical Staffing Network’s first lien lenders, led by General Electric Capital Corp. The $84.1 million proposed purchase price what Medical Staffing owes those creditors.
It’s not clear how much value outside bidders would place on the company. Medical Staffing’s revenue fell to $340.9 million in 2009, from $537.8 million the year before.
Once the bids are received, the auction would take place on Aug. 19 at 10 a.m. in Berger Singerman’s office. A hearing in West Peach Beach bankruptcy court has been scheduled for 10:30 a.m. the following day for the judge to consider approving the sale.
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