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Bankrupt Maine hospital merges with Mid Coast Health

A bankruptcy judge has signed off on the merger of Parkview Adventist Medical Center and Mid Coast Health Services, both based in Brunswick, Maine, according to a Portland Press Herald report.

Financially troubled Parkview filed for chapter 11 bankruptcy in June, and the government terminated its Medicare contract with the hospital in July.

The agreement calls for Mid Coast to pay Parkview $3.8 million at closing to forgive $579,540 of an advance it gave to Parkview during the bankruptcy proceeding and to commit $1 million each year for three consecutive years into the Parkview campus.

The merged healthcare system is now Mid Coast-Parkview Health.

More articles on healthcare industry transactions:

OSU Wexner signs affiliation agreement with Hocking Valley Community Hospital
Oregon Health & Science University, Tuality Healthcare pursue affiliation
Hospital M&A turnaround trends: 7 findings

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