Los Angeles-based Prospect Medical Holdings has identified the winning bids at a bankruptcy auction for two of its shuttered Pennsylvania hospitals, The Philadelphia Inquirer reported Oct. 14.
Five things to know:
1. Chariot Allaire Partners submitted the winning $10 million bid for Upland, Pa.-based Crozer-Chester Medical Center, according to the report. The hospital closed on May 2 after unsuccessful efforts to find a buyer for key Crozer Health facilities. Chariot Allaire Partners is a real estate investment company. A representative for the company declined to comment on its plans for the property as it works through the final administrative details of the sale.
2. Restorative Health Foundation and Syan Investments submitted the winning $3 million bid for Springfield (Pa.) Hospital, according to the report. The hospital shuttered in 2022. The Inquirer reported that a phone number registered under the name Restorative Health Foundation led to a home care agency called Restorative Home Care, but a person who answered the phone said she knew of no connection to the hospital bid.
3. Restorative Health Foundation and Syan Investments also participated in the bid for Crozer-Chester Medical Center, driving up the bid from Chariot Allaire’s initial $7 million offer, according to the report. They were identified as the backup bidder if Chariot Allaire’s deal falls through.
4. Prospect did not say when it expects the deals to be finalized, according to the report.
5. Prospect filed for Chapter 11 protection in January and has been working to offload many of its 16 hospitals. The company also recently sold two of its other Crozer hospitals: Ridley Park, Pa.-based Taylor Hospital, which was sold in September to a group of private investors for $1 million, and Drexel Hill, Pa.-based Delaware County Memorial Hospital, which was sold in August to Upper Darby School District for $600,000.
