McCarter’s Healthcare, Bankruptcy, and Real Estate teams advised Christiana Care Health System, Inc. (ChristianaCare) a leading healthcare system, in the successful acquisition of certain assets from Prospect Medical Holdings, Inc, a multi-state healthcare system that operated in several states and had filed for bankruptcy. The McCarter team assisted ChristianaCare in purchasing certain assets located in Pennsylvania, including several surgery centers, imaging centers, and medical offices for approximately $50 million—infrastructure that will continue to serve communities with healthcare services in Southeastern Pennsylvania. McCarter lawyers assisted ChristianaCare through the bankruptcy process including winning the auction regarding the purchased assets. Considering the expedited nature of bankruptcy sales, in approximately two months, our multidisciplinary team guided the client through every step of this complex process, including:
- Strategic participation and victory in a competitive bankruptcy auction
- Navigating intricate bankruptcy court proceedings and approvals
- Addressing healthcare regulatory, transactional, and compliance requirements
- Securing and transferring over a dozen of state and federal licenses, registrations, and permits
- Negotiating key deal terms to bring the transaction to a successful close
This deal highlights the power of cross-practice collaboration and our deep bench of experience in healthcare transactions, bankruptcy, and real estate matters.
The McCarter team representing ChristianaCare in this acquisition included Kate Roggio Buck, Khaled “Kay” Klele, Richard Myslinski, Jedidiah Ande, Nancy Foley, Jessica Osterlof, and Ethan Whitaker.
Learn more about McCarter’s Healthcare practice here.