Health & Fitness
Health and Fitness
Health and Fitness
Wed, September 1, 2010
Tue, August 31, 2010
Proskauer Represents Sumner Regional Health Systems in Its $156.8 Million Sale to LifePoint Hospitals
CHICAGO--([ BUSINESS WIRE ])--Proskauer today announced that it advised its longtime client, Sumner Regional Health Systems, Inc. (SRHS), in the closing of its sale to LifePoint Hospitals, Inc. (NASDAQ: LPNT) (LifePoint).
"We are extremely gratified that we were entrusted with this critical engagement, resulting in our client?s successful sale to LifePoint"
Proskauer advised SRHS?s Board of Directors on the structuring and negotiation of the successful sale transaction with LifePoint for a cash price of $156.8 million. Upon execution of the definitive purchase agreement for the sale of substantially all of SRHS?s assets, Proskauer?s Bankruptcy & Restructuring team, led by Jeff Marwil, directed SRHS?s April filing for protection under the U.S. Bankruptcy Code. LifePoint was selected as the prevailing bidder in the ?363 sale process.
?We are extremely gratified that we were entrusted with this critical engagement, resulting in our client?s successful sale to LifePoint,? said Monte Dube, Partner in Proskauer?s Health Care Department. ?This transaction will sustain the vitality and enhanced quality and access of patient care for the communities historically served by SRHS, and into the future under LifePoint?s stewardship.?
SRHS has operated as a tax-exempt, not-for-profit health care system serving an 11-county region in north-central Tennessee. Headquartered in Gallatin, Tennessee, SRHS was the predominant health care provider in the region, providing a wide array of general and specialized health care services in both inpatient and outpatient settings through its four community-based acute care hospitals ? Sumner Regional Medical Center, Trousdale Medical Center, Riverview Regional Medical Center North, and Riverview Regional Medical Center South ? and multiple health care affiliates.
LifePoint is a leading hospital company focused on providing quality health care services in non-urban communities. Through its subsidiaries, LifePoint operates 48 hospital campuses in 17 states.
About Proskauer
Founded in 1875, Proskauer is a global law firm widely recognized for its leadership in a variety of legal services provided to clients worldwide from offices in Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, New York, Newark, Paris, Sa?o Paulo and Washington, DC. Additional information about the firm, which has extensive experience in all areas of practice important to businesses, not-for-profit institutions and individuals, can be found at www.proskauer.com.
