Surgery-monitoring company ProNerve LLC won a bankruptcy court's permission to sell itself to SpecialtyCare IOM Services LLC in a $35 million debt-for-equity swap after failing to attract any other qualified offers, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Kevin Carey signed off on the deal following a hearing Friday. The approval takes ProNerve one step closer to fulfilling a plan to liquidate its remaining assets, pay creditors and ultimately exit chapter 11 protection. An auction had been scheduled for April 8, but an offer from Prasari LLC, the only other bid received, didn't quality because it didn't exceed the $35 million floor set by SpecialtyCare.
