Published February 25, 2007 10:59 am -
Integris' bid may not be a sure thing, documents show
By M. Scott Carter
The Norman Transcript
OKLAHOMA CITY
—
At least three different entities — including two potential bidders — have filed objections to the $32 million bid offered by Oklahoma City’s Integris Health for the bankrupt Moore Medical Center, new court documents reveal.
Two weeks ago, Integris emerged as the top bidder for the 45-bed hospital. Integris, which owns the Baptist Medical Center and Southwest Medical Center, offered a $32 million cash bid for the facility.
This week, three objections to that proposal were filed in Oklahoma City federal bankruptcy court.
Two of those objections, documents show, are from potential in-state bidders. The third was filed by the hospital unsecured creditors’ committee.
Integris’ bid trumped a similar offer by the Norman Regional Healthcare System.
Previous bids of $55 million by Acadiana Health Care and a $49 million offer by MMC Holdings LLC-Oklahoma Healthcare Systems also failed.
This week, Norman Regional officials filed a two-page “Intent to present a higher and better bid” with the court.
“Norman Regional Hospital Authority, a public trust, provides the parties in interest with notice of its intent to present a higher and better offer…” the document said. “That higher and better offer, in an amount that will equal or exceed $32,050,001, will be presented to the debtor and others.”
While Norman Regional officials have been close-mouthed about their bid, the hospital’s governing board — the Norman Regional Hospital Authority — recently voted at a special meeting to refinance and restructure $88 million of revenue bonds which could help the authority buy the bankrupt hospital.
The board action follows an earlier statement by Norman Regional CEO David Whitaker.
Earlier this month Whitaker told The Transcript that NRH officials would continue their efforts “until the bankruptcy court hammers the gavel and says a deal has been closed.”
A second objection — this one from Moore Health Services LLC of Midwest City — “objected to the motion by the debtor … on the grounds that Moore Health Services LLC has a better offer for said sale.”
Filings with the Oklahoma Secretary of State’s office show that Moore Health Services LLC is a newly created holding company, registered by Dr. Rajesh Narula. The company’s address is listed as 1380 South Douglas Blvd., in Midwest City. Documents show that same address is listed as a nephrology and hypertension clinic for Dr. Narula.
Details of the offer, the objection said, would be provided at the bankruptcy court’s request.
A third objection, filed by the hospital’s unsecured creditors’ committee — doesn’t necessarily object to Integris as a buyer, but does express the committee’s concern “about how the proceeds from the he sale will be distributed and how the wind-down of the debtor’s estate will occur.”