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Struggling New York hospital to be sold, town board says

The Massena, N.Y., town board voted unanimously on Aug. 26 to sell Massena Memorial Hospital, according to WWNY.

The sale is subject to a resident vote, which is set to be held in November. If voters approve the measure, the Massena-owned hospital will transfer all of its assets to Potsdam, N.Y.-based St. Lawrence Health System. The hospital already signed a purchase agreement with the health system.

Massena Memorial physicians back the deal, as does the president of the hospital's biggest union. Hospital board chair Loretta Perez told WWNY, "We are moving in the right direction. This referendum needs to pass to save our hospital."

St. Lawrence Health System will fund the Massena Memorial deal with $8 million of its own money. New York will grant the hospital $20 million to pay off its debt should the deal go through.

Read more here.

More articles on healthcare industry transactions:
Prospect Medical Holdings eyes deal with Connecticut hospital
Kootenai Health to acquire 2 hospitals
Shuttered Tennessee hospital sells for $200K

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