In July 2018, Houston-based Neighbors Legacy Holdings Inc. and 48 other related entities filed for bankruptcy protection. In a statement sent to the Houston Business Journal, Neighbors noted it filed for Chapter 11 to “expedite the sale of its Houston and non-Houston operations.”
The company operates as Neighbors Health, which includes Neighbors Physician Group, Neighbors Emergency Center (“NEC”) and Neighbors Practice Management. The list of debtors includes individual locations of NEC and Neighbors Physicians Group as well as some other entities. Most of the entities listed assets between $1 million and $10 million, though 13 listed smaller ranges and two listed assets between $10 million and $50 million. Similarly, most of the entities listed debts between $1 million and $10 million, but 12 listed smaller ranges and only one listed debts between $10 million and $50 million.
The deadline for bids to purchase the Houston and non-Houston operations has been set for August 22, 2018.