Connecting to LinkedIn...

Blank

Medical Staffing Files for Sale to First-Lien Lenders

Medical Staffing Files for Sale to First-Lien Lenders
Medical Staffing Network Holdings Inc., a Boca Raton, Florida-based provider of temporary nursing services, filed a Chapter 11 petition July 2 in West Palm Beach, Florida, to sell the business in exchange for $84.1 million in debt to first-lien lenders owed $98.2 million.
The agreement for sale to the senior lenders has consent from holders of 90 percent of the $26.8 million in second-lien debt. The buyers are to assume the $15 million loan to be made by existing lenders to sustain the Chapter 11 case. General Electric Capital Corp. is the agent for the senior lenders. NexBank SSB is agent for the junior secured lenders.
To determine if there is a better offer, Medical Staffing is asking the bankruptcy judge to set up an auction on Aug. 19, with a hearing the following day for approval of the sale.

Tags:

Articles similar to

Articles similar to