A federal bankruptcy court judge in Delaware has approved the sale of the vast majority of Peoria-based Petersen Health Care to a company that made what’s termed a “stalking horse” bid, but Galesburg facilities aren’t among them.
Court records indicate the sale included nearly 100 different properties to Skokie-based Cascade Capital Partners for $116 million. The sale included all but five properties, with The Bank of Farmington and Hickory Point Bank and Trust in Decatur being the two other winning bidders.
Some objections to the bidders were settled out of court except for one, which was then overruled.
Cascade’s leadership is reportedly made up of former health care facility operators.
X-Caliber Funding, a creditor of Petersen Health Care is still operating facilities — including ones in Galesburg and Knoxville — that reportedly were not a part of the sale.
A list of those facilities sold is below.
According to other reports, Petersen owes $295 million to creditors, but is valued at between $215 million and $305 million.
A “stalking horse bid” is the initial bid on a bankrupt company’s assets from an interested buyer chosen by the bankrupt company.
Petersen Healthcare Sales by WGIL Radio on Scribd
