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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