Calais Regional filed for Chapter 11 bankruptcy in September 2019 after posting losses for years. At the time of the bankruptcy filing, the 25-bed hospital owed about $25 million to 1,900 creditors.
Downeast Community Hospital said last week it had been looking to purchase Calais Regional for several months and has been working with many of Calais hospital’s creditors on the acquisition plan.
Under the acquisition plan, Down East Community would oversee both hospitals and make more medical services available.
“We will be two hospitals, with one team and one focus,” Down East Community Hospital President Steve Lail told the Bangor Daily News.
If the deal is approved by the bankruptcy judge, Calais Regional would be renamed Calais Community Hospital.
More articles on healthcare industry transactions:
LifePoint in talks to acquire 30-hospital system, WSJ reports
Rutgers, RWJBarnabas sign clinical agreement
PE firm wants to sell its stake in a hospital chain, but Rhode Island is standing in its way
