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Montefiore Medical Center Raises Bid to $58.8M to Buy Sound Shore Health System

New York City-based Montefiore Medical Center raised its offer $4.75 million to total more than $58.75 million to buy New Rochelle, N.Y.-based Sound Shore Health System, according to a report by The Journal News.

 

Hospital officials said Montefiore's upped offer aims to hasten the deal, as attorneys have claimed Sound Shore loses $1.5 million in value each month. Sound Shore declared bankruptcy  on May 29 as it discussed selling to Montefiore.

Attorneys for both systems argued in federal bankruptcy court this week that a private sale will be faster and thus cheaper than a public auction, considering Sound Shore has already hunted unsuccessfully for other buyers. Closing the deal sooner means more money for Sound Shore creditors, who are owed a combined $200 million, according to the report.

A federal bankruptcy judge set Aug. 2 as the court date for the sale's closing, inviting other would-be buyers to make higher offers before then.

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