Previously, private equity firm Argenta Group was going to finance KMC through the local municipal government with a $37 million investment. Last month, KMC lawyers told the bankruptcy court that Dylan Jagger Investment Co. would pay off the hospital’s debt instead.
Because the previous plans did not pan out, a new group — the Granger Group, a real estate investment firm based in Wyoming, Mich. — has stepped in, according to the report. If the proposed deal is expected, the Granger Group will immediately provide $1.5 million to complete the 20 private rooms that are under construction so KMC can generate more revenue. The firm will then assume roughly $21 million of the hospital’s debt.
KMC has until March 16 to finalize all information for the creditors and bankruptcy court.
Related Articles on Kentuckiana Medical Center:
Bankrupt Physician-Owned Hospital in Indiana Finds Lender
Physician-Owned Kentuckiana Medical Center Makes Progress With County Commissioners
Proposal to Restructure Debt at Bankrupt Kentuckiana Medical Center Under Consideration
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
