Bowie Memorial Hospital sale collapses: 3 things to know

Bowie (Texas) Memorial Hospital board members have voted to discontinue negotiations with Houston-based Royce D. Brough Group for sale of the hospital, according to a Times Record News report.

Here are three things to know about the issue.

1. The hospital closed Nov. 16, but Royce D. Brough Group had intended to reopen the facility as a for-profit hospital.

2. The board had previously agreed to enter into a sales contract with Royce D. Brough Group for a price of $1.5 million. The board's motion stipulated that $150,000 in earnest money be placed in escrow, along with a letter of guaranteed expendable funds from a creditable banking institution, according to the report. The deadline to meet those requirements was within 10 days from Jan. 5. But board members said Royce D. Brough Group did not fulfill financial requirements in the proposed sales contract, according to the Times Record News.

3. Bowie Memorial board members have now voted to open the sale of the hospital up to other options, according to the report. According to board members, those could include previous bidder Texas General Hospital, with locations in Grand Prairie and Grand Saline, or any new prospects.

 

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