Private Investment Firm to Reopen Closed Texas Hospital

A private investment firm based in California is expected to reopen Colorado-Fayette Medical Center in Weimar, Texas, which filed for bankruptcy and closed in 2012, according to a Colorado County Citizen report.

In July 2012, CFMC, a private, nonprofit, 38-bed hospital at the time, filed for Chapter 11 bankruptcy due to heavy operating losses. The hospital ultimately shut down in August 2012. Officials said "years of bad investments and business decisions…led us to this point."

According to the Citizen report, Price Family Capital Partners, based in Anaheim, Calif., will reopen the hospital under an operating company, Weimar Medical Holdings. The hospital will be renamed Weimar Medical Center. Irving Sawyers Jr., a spokesperson for PFCP, will become president and COO of the hospital.

Mr. Sawyers told the Citizen he hopes Weimar Medical Center will be open in the next four months.

More Articles on Hospital Finance:
Study: LEED-Certified Hospitals Don't Drain Capital Finances
CFO Roundtable: 4 CFOs Discuss Changing Healthcare Economics
Smart Moves: How Hospitals Manage Risk When Borrowing

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars