An affiliate of California-based health-care consulting firm New Generation Health LLC secured court approval to buy Genesis Healthcare Inc.'s sprawling nursing-home empire in a bid valued at roughly $1 billion.
101 West State Street LLC, backed by New Generation Health or “NewGen,” was approved to acquire Genesis’ assets by Judge Stacey Jernigan at a hearing Tuesday in the US Bankruptcy Court for the Northern District of Texas.
NewGen’s winning bid is $1.015 billion, or $996 million after striking break-up and termination fees and other expenses. It includes $343 million in cash, a $100 million promissory note, and the assumption of ...
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