Sponsored by VMG Health | info@vmghealth.com | 214.369.4888

Hedge fund makes bid for bankrupt hospital chain

A secured lender made a bid to take over Americore Holdings and its affiliates last week, less than six months after the hospital chain entered Chapter 11 bankruptcy, according to Bloomberg Law

Third Friday Total Return Fund, a West Palm Beach, Fla.-based hedge fund, submitted a proposal to take over ownership of Americore's assets. The purchase price includes a $25 million credit bid and $22 million in cash, according to the St. Louis Post-Dispatch

Fort Lauderdale, Fla.-based Americore Holdings, agreed to hand operational control to a Chapter 11 trustee in February. The hospital network now includes three hospitals, including Ellwood City (Pa.) Medical Center which closed Jan. 31. Its other two hospitals in St. Louis and Calico Rock, Ark., are on shaky financial footing. 

An attorney representing Third Friday said that the takeover plan would enable Americore's hospitals to reorganize and implement new management, according to the St. Louis Post-Dispatch

More articles on healthcare industry transactions:
$5B offer to North Carolina hospital gives it 'best of both worlds,' Novant CEO says
ProMedica halts plan to sell Michigan hospital
CHS seeks to end Florida hospital lease

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.