The sale of Bloomington, Ind.-based Monroe Hospital to Ontario, Calif.-based Prime Healthcare Services has been approved by U.S. Bankruptcy Judge James Carr, according to a Dow Jones report.
Earlier this month, Prime secured its spot to purchase the financially struggling facility when bidders at MonroeHospital's bankruptcy auction were unsuccessful at beating Prime's offer.
MonroeHospital filed for bankruptcy reorganization in August. The Chapter 11 bankruptcy petition filed by the hospital stated the facility had less than $50 million in assets and more than $100 million in liabilities.
To help the struggling facility, Prime will spend at least $2 million on the hospital's operations within the first three years of the sale.
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