Bankruptcy court approves $610M bid for 4 California hospitals

Ayla Ellison (Twitter | Google+) - Print  | 

A California bankruptcy court has approved Corona, Calif.-based KPC Group's $610 million stalking horse bid for four hospitals owned by El Segundo, Calif.-based Verity Health, according to Law360.

Verity Health, which operated six hospitals in California when it entered Chapter 11 bankruptcy in August, is selling its assets through the bankruptcy process.

In January, KPC Group bid $610 million to purchase the following four Verity hospitals: St. Francis Medical Center in Lynwood, St. Vincent Medical Center in Los Angeles, Seton Medical Center in Daly City, and Seton Coastside in Moss Beach.

Although the bankruptcy court has approved KPC Group's offer, Verity will evaluate competing bids to ensure it receives the highest offer for its assets.

More articles on healthcare finance:

North Carolina hospital forced into bankruptcy
CHS' loss shrinks to $328M in Q4
Quorum Health shares sink to new low

© Copyright ASC COMMUNICATIONS 2019. 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.