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AMERICORE HOLDINGS: July 1 Trustee’s Auction of All Assets Set

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Judge Gregory R. Schaaf of the U.S. Bankruptcy Court for the Eastern District of Kentucky authorized the bidding procedures of Carol Fox, the Chapter 11 Trustee of Ellwood Medical Center, LLC, Ellwood Medical Center Real Estate, LLC, and Ellwood Medical Center Operations, LL, affiliates of Americore Holdings, LLC, in connection with the auction sale of substantially all assets.

The Assumption and Assignment Procedures set forth in the Motion and revised by the Bidding Procedures regarding the assumption and assignment of the Purchased Contracts are approved. On June 5, 2020, the Trustee will serve the Assumption and Assignment Notice as set forth in the Motion. Objections (if any) to the Assumption and Assignment Notice will be filed on June 19, 2020 at 5:00 p.m. (ET).

The Lien and Credit Bidding Procedures set forth in the Motion and revised by the Bidding Procedures are approved.

On June 8, 2020, the Trustee will file the Proposed Transaction Documents.

The salient terms of the Bidding Procedures are:

a. Bid Deadline: June 29, 2020 at 5:00 p.m. (ET)

b. Initial Bid: Submit to the Trustee a Modified Agreement that includes a purchase price for some or all of the Purchased Assets

c. Deposit: 10% of the bid amount

d. Auction: If more than one Qualified Bid by a Qualified Bidder is received by the Bid Deadline, the Auction with respect to the Purchased Assets will take place on July 1, 2020 at 10:00 a.m. (ET) at the location and subject to the terms set forth in the Bidding Procedures, provided that the Trustee may change the date of the Auction to occur on the day before the Sale Hearing.

e. Bid Increments: $100,000

f. Sale Hearing: June 1, 2020

g. Sale Objection Deadline: June 19, 2020 at 5:00 p.m. (ET)

Following the entry of the Order, the Trustee will cause the Order to be served on the same parties and in the same manner as the Motion and will file a certificate of service reflecting such service which will be deemed sufficient for all purposes of the Order.

The Sale of the Purchased Assets will be on an “as is, where is” basis and without representations or warranties of any kind, nature or description. It will also be free and clear of all Interests, with such Interests to attach to the proceeds (if any) of the Sale of the Purchased Assets less any customary transfer, recording tax, and similar costs associated with the closing of the sale, with the same validity and priority as existed immediately prior to such Sale.

A copy of the Bidding Procedures is available at https://tinyurl.com/ya8f7vur from PacerMonitor.com free of charge.

About Americore Holdings

Americore Holdings, LLC and its affiliates, including Americore Health LLC, own and operate the Ellwood City Medical Center in Pennsylvania, Southeastern Kentucky Medical Center (formerly Pineville Community Hospital), Izard County Medical Center in Arkansas; and St. Alexius Hospital in St. Louis.

Americore Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 19-61608) on Dec. 31, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the case. Bingham Greenebaum Doll, LLP is the Debtor’s legal counsel.

Carol A. Fox was appointed as the Debtors’ Chapter 11 trustee. The trustee is represented by Baker & Hostetler LLP.

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