Doctor Manager Hygea Files Bankruptcy, Plans Lender Takeover

Hygea Holdings Corp. files for Chapter 11 bankruptcy in Delaware and aims to give ownership of the company to a lender, Bridging Finance Inc., court papers show.

• Florida-based Hygea owns physician practices, pharmacies and diagnostic facilities, according to its website
• Co. owes Bridging at least C$160 million ($121 million), court papers show
• A proposed restructuring support agreement calls for Hygea to reinstate a portion of Bridging’s secured debt after the bankruptcy and give the lender all of the equity in the reorganized company
• Hygea currently operating “at a substantial loss,” some $327,000 of negative cash flow per week, ...