Wise Regional Health System in Texas Bids $20M for North Texas Community Hospital
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.
More Articles on Hospital Transactions:Sale of Scott County Hospital in Kansas Delayed Until Feb. 28
Jefferson Regional Medical Center in Missouri Officially Joins Mercy
Appeals Court Rules in HMA's Favor in Cancelled Trinity Hospital Sale
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
New from Becker's Hospital Review