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Decision on sale of bankrupt North Carolina hospital postponed for 2nd time

A bankruptcy court judge adjourned a hearing Wednesday following three hours of testimony to allow attorneys to review financial documents regarding the proposed sale of Eden, N.C.-based Morehead Memorial Hospital. All parties will return to court Nov. 13, the News & Record reports.

Miami-based for-profit company Empower iHCC successfully outbid six other organizations to buy the hospital and its assets during an auction last week. The bid included $10.76 million in cash, an investment of $18 million and a pledge to keep the hospital open for at least 10 years.

During Wednesday's hearing, Empower iHCC officials increased their bid to purchase Morehead Memorial, which includes a 108-bed hospital, a 121-bed skilled nursing facility and several medical offices. Officials proposed to purchase the hospital and its assets for $11.06 million in cash, $20 million in other considerations and to collect roughly $10 million in accounts receivable to raise more money for creditors, according to the report. Empower iHCC reaffirmed their agreement to operate the hospital for at least 10 years.

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