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Acquisition Interest in TLC Health Grows

Five groups have now expressed interest in buying TLC Health Network, the operator of the bankrupt Lake Shore Health Care Center in Irving, N.Y., according to a Buffalo Business First report.

In December, TLC filed for Chapter 11 bankruptcy. Previously, Lake Shore announced it could close as soon as Jan. 14 if it did not receive supplemental funding, which it has since received.

The two known interested buyers are Anthony Borrello, a local businessman, and Lawrence, Evans & Co., a financial advisory and investment banking firm based in Columbus, Ohio.

The names of the other three parties were not disclosed, as they are working with the hospital under nondisclosure agreements, according to the report. However, an executive with the hospital told Buffalo Business First that at least one new potential buyer is a healthcare provider in upstate New York, and another is an out-of-state organization.

Lake Shore, a 220-bed hospital, and its sister hospital, Brooks Memorial Hospital in Dunkirk, N.Y., have endured large operating losses during the past several years.  

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