Grupo Hima San Pablo files Chapter 11 bankruptcy, plans asset sale

By Sarah Lizee

Olympia, Wash., Aug. 16 – Grupo Hima San Pablo Inc. and nine affiliates filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Puerto Rico on Tuesday.

The diversified health care services holding company owns and operates hospital facilities and other health care related businesses through its subsidiaries.

The company said in court documents that filing the Chapter 11 cases is currently the only option available to the debtors to avoid closure of their operations, preserve existing jobs, ensure that critical health care services won’t be interrupted overnight and allow for a long-term solution.

The group is planning to sell its operations as a going concern through a competitive bidding process.

The company is also seeking approval of a $6 million debtor-in-possession facility with Alter Domus (US) LLC as administrative agent and collateral agent.

Interest is SOFR plus 1,400 basis points, payable in kind. The default rate would be SOFR plus 1,600 bps.

The debtor is asking for interim access to $4 million of the facility, which is set to mature in six months.

The company is also seeking approval to use the cash collateral of its prepetition secured lenders.

The company listed 100 to 199 creditors, $500 million to $1 billion in assets and $100 million to $500 million in liabilities.

Its largest unsecured creditor is Alvarez Marsal North America LLC, based in New York, with a $1.2 million professional services claim. No other creditors were listed with unsecured claims of $1 million or more.

Lugo Mender Group, LLC is general bankruptcy counsel, and Ankura is financial adviser,

The Caguas, Puerto Rico-based health care services company filed bankruptcy under Chapter 11 case number 23-02510.

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