South Carolina lender seeks to seize shuttered Pennsylvania hospital

The South Carolina-based mortgage holder of Ellwood City (Pa.) Medical Center is asking a Pennsylvania bankruptcy court to give it ownership of the hospital property, according to the Ellwood City Ledger.

Advertisement

Penn Med LLC,  a Bluffton, S.C.-based lender, is asking the court to allow it to enforce its mortgage on the shuttered Pennsylvania hospital. 

The petition doesn’t reveal what Penn Med will do with the facility if it becomes owner, but an attorney representing Penn Med told the publication that his client wants the hospital to be reopened. 

If Penn Med’s motion is approved by the court, current owner Americore Health would need to give up ownership of the hospital.

Americore, which filed for bankruptcy in December, has until Feb. 19 to object to the motion.

Ellwood City Medical Center officially closed Jan. 31, a day after the FBI raided the facility and three days after it lost its license.

More articles on healthcare finance:
Adventist Health cuts 651 California jobs amid outsourcing push
One Medical shares soar in debut trading day
How Baylor Scott & White doubled income as hospital admissions fell

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.