Restructuring specialist Revitalization Partners completed the sale of a south Seattle medical clinic it has operated as court-appointed receiver since May. The order formalizing the sale, assumption and assignment of all assets was approved in King County Superior Court.
The buyer was not disclosed, nor were specific financial terms of the deal. In approving the sale, the court agreed with the receiver’s statement that the transaction value was near the highest level of a best-case scenario and that the buyer possessed the financial wherewithal to successfully purchase the company.
Prior to Revitalization Partners’ appointment, continuing operational disputes between the clinic’s former principals created significant financial pressures on the business, threatening its ability to keep its doors open. Declining revenues, deficiencies in billing/collection procedures and high staff turnover only added to the duress. Read more.