Bankrupt California hospital to sell off farmland to draw down debt

Shuttered Madera Community Hospital is attempting to sell off a 35.6-acre parcel of farmland to reduce some of its debt, according to a Sept. 15 Fresnoland report.

The land, about 2 miles from the bankrupt hospital, is currently leased as an almond tree orchard, and the hospital claims 20 percent of crop sales as part of its agreement with the leaseholders.

Tenants S&K Management made an offer in July to buy the land for $569,280, but hospital interests want a more competitive bidding process. The hospital still owes about $35 million in debt to various creditors, according to the report.

A hearing is due Oct. 24 with potential land bidders expected to be present.

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