Wise Regional Health System in Texas Bids $20M for North Texas Community Hospital
Wise Regional Health System, based in Decatur, Texas, has placed the only bid for the ailing North Texas Community Hospital in Bridgeport, Texas, offering $20 million, according to a report by the Wise County Messenger.
The deal is likely to close in March, according to the report.
The 35-bed North Texas Community Hospital opened in August 2008, but by the next May, it had already defaulted on more than $59.1 million in bond debt. It filed for bankruptcy in November 2012, after Wise Regional's board voted to approve the $20 million asset purchase and debtor-in-possession loan. NTCH will continue to operate until the transaction is complete, during which Wise Regional will publicize the issuance of $19 million in tax-free municipal bonds.
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