Owing to financial instability, CRMC said it would cease operations at its main hospital facility. It was struggling under $9 million of debt, according to Sacramento Business Journal.
As a result, the hospital’s medical license, under which its three rural clinics operate, will be suspended and the clinics would be disallowed from continuing to provide medical services.
Colusa agreed to sell all three clinics to Adventist April 21.
“Adventist is good at running rural clinics,” Wayne Allen, chief restructuring officer and interim CEO for Colusa, told Sacramento Business Journal. “It works for them and it works for us.”
Financial terms of the transaction were not disclosed.
More articles on hospital transactions and valuations:
Veralon continues to expand after merger
Details emerge on proposed Athens Regional, Piedmont partnership: 4 quick facts
Hospital M&A volume increased by 3% in 2015
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