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Canyon Atlantic ends bid to buy 2 Pennsylvania hospitals

The prospective buyer of two shuttered Pennsylvania hospitals has filed a motion to end litigation to purchase the facilities, The Daily Local reported March 8.

The motion from Canyon Atlantic, a Texas turnaround firm, came without comment, according to The Daily Local. Canyon Atlantic's attorney, Guy Donatelli, told the publication the firm ran out of time to save the hospitals.

West Reading, Pa.-based Tower Health was supposed to sell the hospitals to Canyon Atlantic Jan. 1, but pulled out of the deal stating Canyon Atlantic was unable to demonstrate it could effectively take ownership.

A Pennsylvania Court of Common Pleas judge ordered Tower Health to restart the sale Feb. 14, but Canyon Atlantic failed to post a $1 million bond required for the sale by the Feb. 24 deadline.

West Grove-based Jennersville Hospital closed Dec. 31,and Coatesville-based Brandywine Hospital closed Jan. 31.

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