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Bankruptcy judge OKs sale of Pioneer hospital for $400k

Lilburn, Ga.-based LifeBrite Hospital Group gained approval from a federal bankruptcy court judge to acquire Pioneer Community Hospital of Stokes in Danbury, N.C., and other medical facilities for $400,000, according to Winston-Salem Journal.

In July, a U.S. bankruptcy court judge in Mississippi approved an interim management contract allowing LifeBrite, a for-profit hospital management organization, to take over services at PCH. Under the agreement, LifeBrite said it would assume $1.3 million in Medicare and Medicaid obligations and make a one-time $400,000 payment to PCH.

The transaction will close Jan. 31.

PCH was previously owned by Magee, Miss.-based Pioneer Health Services. PHS filed for Chapter 11 bankruptcy protection March 31.    

More articles on transactions and valuations:
St. Luke's gains 5-month extension to sell medical group at heart of antitrust lawsuit
Feds grant Abbott approval for $25B St. Jude Medical purchase
Dignity Health in joint venture discussions with teaching hospital

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