Bankruptcy Judge Approves Sale Of HDL, Inc. To True Health Diagnostics, LLC
Wednesday, September 16, 2015
United States Bankruptcy Judge Kevin R. Huennekens today gave final approval for the $37.1 million sale of substantially all of the business assets of Health Diagnostic Laboratory Inc. (HDL, Inc.) to True Health Diagnostics, LLC. The two companies anticipate completing the transaction by the end of the month.
True Health CEO Chis Grottenthaler said, “We are extremely pleased that the bankruptcy judge has approved the sale of HDL, Inc. to True Health. The diagnostic technology developed by HDL, Inc. is among the best in the business, and we look forward to utilizing it in combination with our existing technologies to offer innovative, state-of-the-art medical science to physicians and their patients.
“We are adopting an exacting corporate compliance program that, along with rigorous controls and intensive sales force training, will ensure that True Health will meet and exceed all regulatory requirements. We look forward to the steady, measured growth of our company and delivering excellent service to those using our services.”
HDL, Inc. CEO and President Joe McConnell commented, “Given the circumstances, the sale of HDL, Inc. to True Health is an exciting outcome for both our employees and the continued use of HDL, Inc.’s technology in the ongoing battle against cardiovascular disease and diabetes.”
HDL, Inc. Executive Vice President and General Counsel Douglas Sbertoli said, “HDL, Inc. did not panic when faced with adversity. We set forth a plan and executed it. Today’s approval by Judge Huennekens of the sale to True Health facilitates a quick exit from the bankruptcy process, and aids us in achieving what has been our primary goal throughout this process: maximizing the value of HDL, Inc. assets for the benefit of our creditors and other stakeholders.”
True Health was named by HDL, Inc. as the “stalking horse bidder” on Sept. 4, and it increased its initial bid of $32 million by $5.1 million in the course of a Sept. 10 court supervised section 363 auction proceeding in which multiple bids were submitted. The sale was subject to this final approval by the bankruptcy judge.