The sale of Jersey City, N.J.-based Christ Hospital to Hudson Holdco, a real estate development company in Pennsylvania, has finalized, officially ending a lengthy sale process, according to a New Jersey Business report.
Christ Hospital began negotiations to be purchased by Ontario, Calif.-based Prime Healthcare in July 2011. After Prime's withdrawal from the deal, Christ Hospital filed for bankruptcy. A long process with multiple potential buyers followed.
The conditions of the sale to Hudson Holdco include operating the facility as an acute-care hospital for at least seven additional years, rehiring 90 percent of the current employees and approving any service changes with the New Jersey Department of Health and Human Services, according to the report.
Hudson Holdco now owns three New Jersey Hospitals: Christ Hospital; Bayonne (N.J) Medical Center and Hoboken (N.J.) University Medical.
Bankruptcy Judge Accepts Hudson Holdco's $43M Bid for Christ Hospital
Christ Hospital Endorses Hudson Holdco Bid, U.S. Bankruptcy Judge to Make Final Decision
Christ Hospital began negotiations to be purchased by Ontario, Calif.-based Prime Healthcare in July 2011. After Prime's withdrawal from the deal, Christ Hospital filed for bankruptcy. A long process with multiple potential buyers followed.
The conditions of the sale to Hudson Holdco include operating the facility as an acute-care hospital for at least seven additional years, rehiring 90 percent of the current employees and approving any service changes with the New Jersey Department of Health and Human Services, according to the report.
Hudson Holdco now owns three New Jersey Hospitals: Christ Hospital; Bayonne (N.J) Medical Center and Hoboken (N.J.) University Medical.
More Articles on the Christ Hospital Purchase:
Christ Hospital Sale Receives Final ApprovalBankruptcy Judge Accepts Hudson Holdco's $43M Bid for Christ Hospital
Christ Hospital Endorses Hudson Holdco Bid, U.S. Bankruptcy Judge to Make Final Decision