U of Louisville closer to $35M state loan after bill clears House committee

University of Louisville (Ky.) is closer to obtaining a $35 million loan from the state of Kentucky to help finance a turnaround plan for a hospital it acquired last year, according to local news station WAVE.

The proposed loan, included in a bill, passed a key state House committee with bipartisan support. 

University of Louisville originally asked for $50 million to help finance the Louisville-based Jewish Hospital. However, the university's president, Neeli Bendapudi, lowered the request to $35 million earlier in January.

The university purchased Louisville-based KentuckyOne Health, which includes Jewish Hospital, from Chicago-based CommonSpirit Health last November. The transaction was considered risky because many of the facilities, including Jewish Hospital, need significant upgrades and operational improvements.

More articles on healthcare finance:
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Bon Secours to close Kentucky hospital, affecting 1,000 employees
Aggressive creditor forced hospital chain into bankruptcy, CEO says

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