Albuquerque Journal (Albuquerque, NM)

Sun Healthcare Can Shed UK Unit.(Business)

Byline: Winthrop Quigley Journal Staff Writer

Bankruptcy Court OKs $1 Purchase by Managers

A federal bankruptcy court in Delaware has approved the sale of Sun Healthcare Group's United Kingdom operations for $1 to a holding company formed by a group of Sun managers, the company confirmed Tuesday.

By shedding the United Kingdom operations, Sun also transfers to the buyer a potential liability it estimates could be as high as $299 million, according to Peter A. Chapman, publisher of Sun Healthcare Bankruptcy News.

Sun executives were at a board of directors meeting in Phoenix and not available for immediate comment, a company representative said. …

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