A proposed $118.9 million revenue bond deal that many hoped would resuscitate Harvard Pilgrim Health Care Inc. (HPHC) was taken off the table late last Tuesday night when Massachusetts officials agreed to take the company into state receivership.

The move comes less than one week before the already-priced transaction was set to close and has left many market analysts scratching their heads.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.