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Bankrupt Randolph Health has a buyer

Randolph Health, a bankrupt single-hospital system based in Asheboro, N.C., has finalized an agreement to be sold to the Dava Foundation, according to the Courier-Tribune.

Under the deal, the Dava Foundation would acquire all of Randolph Health's operational assets, and a Tennessee hospital operator, Java Medical Group, would manage the day-to-day operations at the single-hospital system. 

The asset purchase agreement was filed with a North Carolina bankruptcy court last week. The deal will need approval of the bankruptcy court. 

Randolph Health directors said last week that the sale is the primary solution to keeping the hospital open and preserving jobs. 

"While other potential buyers have shown interest in pieces of Randolph Health, all other options would result in a closure of the hospital, as well as the transfer of most services to other hospitals and the loss of a significant number of jobs," Randolph Health

Randolph Health filed for Chapter 11 bankruptcy in March, saying it would help the health system restructure its debt.

More articles on healthcare industry transactions: 
2 Arizona hospitals to join Dignity Health
Erlanger rejects $475M bid from new private equity firm
Hospital M&A: 10 recent deals by the numbers

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