The offer is funded by private equity group Medley Capital of New York and CapitalSource Bank of Maryland and would include purchase price, change-over expenses fund, capital expenses and a three year operating capital line, according to the report.
The offer came on the same day that Lower Bucks was granted its fourth extension to submit a restructuring plan. According to an attorney for Lower Bucks, the hospital plans to move along with a “stand-alone” restructuring plan.
This is the third attempt by Dr. Dandolu to acquire a financially troubled hospital. His first two attempts — both for hospitals in New Jersey — were unsuccessful, according to the report.
Read the Bucks County Courier Times report on Lower Bucks Hospital.
Read previous coverage on Lower Bucks Hospital:
– Hospital in Pennsylvania Details Plans to Emerge from Chapter 11 Protection
– Pennsylvania’s Lower Bucks Hospital Files for Chapter 11 Bankruptcy
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