Triad Business Journal
November 08, 2017
"A hearing was held Wednesday morning to approve the sale of Morehead Memorial to Empower iHCC, a Miami, Fla. company selected by the hospital’s trustees as the successful bidder for the facility and its assets.
Judge Benjamin Kahn adjourned the hearing until Monday at 9:30 a.m. following a tense three hours, which included a request by UNC Health Care to reopen the auction process so it can submit a second bid for Morehead Memorial," as seen in this article. The article continues, "An attorney for the creditor's committee, which in a Nov. 2 filing said it supported the sale if it could be shown that Empower iHCC has “the financial wherewithal” to complete the deal, pushed expert witnesses and an executive with the company to provide further evidence of its financial capability.
In addressing those concerns, Noel Mijares, the chief executive officer of Empower iHCC, said the company has received a commitment for a $15 million loan, which would be used towards its purchase of Morehead Memorial. Empower iHCC's partnership with other Empower affiliates provides the company with access to funding if there is a shortfall in covering the cost of the transaction, he said.
Mijares said during the hearing that the company has just under $5,000 in its bank account.
When asked by attorney, Andrew Sherman, what other sources of capital the company had, Mijares referred the question to the company's chief financial officer."
Sills Cummis & Gross serves as counsel to the Official Committee of Unsecured Creditors of Morehead Memorial Hospital.