Surgical hospital's sale stalled as Chicago firm demands cut of profits, lawsuit says

Foundation Surgical Hospital of San Antonio filed a lawsuit claiming a Chicago firm's request to receive 2.5 percent of the hospital's net profits is holding up a potential sale, according to a San Antonio Express-News report.

The lawsuit, filed July 17 in Bexar County District Court, accuses First Chicago Financial of delaying and threatening Foundation Surgical Hospital's attempt to sell 51 percent interest in the hospital. The hospital had to disclose First Chicago Financial's profit request to potential bidders, which has stalled efforts by local physicians who own the remaining 49 percent interest to select an industry partner, the lawsuit alleges.

Foundation Surgical Hospital is requesting the court declare First Chicago Financial unentitled to any profits. The San Antonio Express-News reached out to First Chicago Financial for comment, but did not immediately receive a response because officials had not read the lawsuit.

Foundation Surgical Hospital is seeking a sale after its operator, Oklahoma City-based Foundation HealthCare, filed for Chapter 11 bankruptcy protection in June 2017.

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