The 179-bed, county-owned Hutcheson will now solicit lease bids from new organizations to manage the hospital.
Both sides declined to say why negotiations failed, according to the report. Hutcheson currently has $56 million in debt and has been trying to restructure its annual debt payments.
More Articles on Hospital Transactions:
Vanguard, Eastern Connecticut Health Network, Yale Sign Initial Merger Deal
Healthcare Sector Shows Strong Transaction Capacity, Report Says
Arise Healthcare Acquires Austin Surgical Hospital
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.