MTBC Selected as Acquisition ‘Stalking Horse’, Sale Hearing Scheduled for June
CareCloud, Inc. (MTBC)
Last carecloud, inc. earnings: 2/28 07:00 am
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US:NASDAQ Investor Relations:
ir.mtbc.com
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Source: GlobeNewswire
SOMERSET, N.J., June 06, 2018 (GLOBE NEWSWIRE) -- MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of cloud-based revenue cycle management and healthcare IT solutions, today announced that it has been officially selected as the primary bidder (also known as “stalking horse” under Section 363 of the U.S. Bankruptcy Code) by the United States Bankruptcy Court for the Eastern District of New York (the “Court”), to acquire substantially all of the revenue cycle, practice management, and group purchasing organization assets of Orion Healthcorp, Inc. and 13 of its affiliated companies (together "Orion"). MTBC’s management expects that the transaction would increase MTBC's annualized revenues by at least 50%, subject to its successful closing of Orion under the terms contemplated in the parties’ asset purchase agreement (the “APA”). In addition to selecting MTBC as the primary bidder for Orion’s assets, the Court’s order dated June 5, 2018 established certain bid protections for M
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