HDL, Inc. Seeks Court Approval to Sell the Company
Continues normal operations; sale sought that maximizes value and provides platform for economic growth
RICHMOND, Va. (June 29, 2015) – Health Diagnostics Laboratory, Inc. (HDL, Inc.) today filed a motion with the United States Bankruptcy Court for the Eastern District of Virginia seeking the court’s authorization to conduct a sale of its business under Section 363 of the Bankruptcy Code. HDL Inc. intends to continue normal operations throughout the sale process, which is expected to maximize the value of the company and provide a platform for future growth.
HDL, Inc. President and CEO Joseph McConnell said, “We are taking this step because we are convinced that a successful sale would be in the best interests of all HDL, Inc. public and private stakeholders, including our secured and unsecured creditors, our employees, and the physicians and patients who rely on our advanced diagnostic testing.
“Numerous parties have expressed considerable interest in acquiring and operating HDL, Inc.’s business, and many have already invested significant resources in evaluating the opportunity. The capital investment in our business that would follow a successful sale would help ensure the long-term viability of our mission and the ongoing operation of our state-of-the-art Richmond facility. The company’s Richmond presence and the meaningful employment base it provides to the community are very important to us.
“While we seek to maximize the value of our business through the sale process for the benefit of our public and private stakeholders, we will remain focused on delivering highquality diagnostic products and services to our physician and other health care partners and the patients whom they serve.”
Under the proposed sale procedures, the company would give notice of the pending sale and solicit bids from potential bidders. HDL Inc. would supervise the bidding process, qualify and evaluate competing bids and would expect to seek approval from the Bankruptcy Court of the highest and best qualifying bid.
HDL, Inc. sought the protection of Chapter 11 of the United States Bankruptcy Code on June 7, 2015. The Bankruptcy Court is expected to consider approval of the sale procedures at a July 14 hearing. If those procedures are approved, a successful bidder is expected to be identified in early September with a closing anticipated later that month.
About Health Diagnostic Laboratory, Inc.
Founded in 2008, Health Diagnostic Laboratory, Inc. (HDL, Inc.) is a leader in health management with one primary mission: prevent and reverse heart disease and diabetes, one patient at a time. The company offers a comprehensive test menu of biomarkers that can indicate risk for cardiovascular disease, diabetes, and related diseases. HDL, Inc.’s systematic approach identifies factors contributing to disease and provides a basis for effective treatment, allowing healthcare providers to better manage the health of their patients. In addition to lab testing, HDL, Inc. offers patients a personalized overview of risk factors and assistance from expert Clinical Health Consultants to promote healthy, longerlasting lifestyles. The company also provides comprehensive testing and wellness services to employers and is a partner for value-based, integrated care models and health systems. HDL, Inc. is a CLIA-certified, CAP-accredited laboratory. For more information, visit myHDL.com, and make HDL, Inc. part of your digital lifestyle at Facebook.com/myhdl and on Twitter @hdltweets.
MEDIA CONTACT: Doug Sbertoli at email@example.com or (804) 343-2718 ext. 1635.