A bankruptcy court hearing involving the sale of Southern Regional Medical Center to a California turnaround specialist will reconvene Tuesday.
The hearing is part of the $18 million sale of the Clayton County hospital to turnaround specialist Prime Healthcare Foundation. On Thursday, U.S. Bankruptcy Court Judge Wendy Hagenau heard motions and arguments well into the night regarding the 331-bed facility in Riverdale.
On Wednesday, the Southern Regional Health System (SRHS) Board of Directors met Wednesday and approved the Asset Purchase Agreement with Prime Healthcare.
It is not uncommon in such hearings for creditors to ask the court to sell assets to raise money to pay creditors.
As part of the sale, Prime Healthcare also will be working with the Georgia Attorney General’s office, which must review and approve the sale of a non-profit healthcare provider. This process includes a public hearing on the sale, expected to be held in mid-November.
Grady Health System added a bit of drama by making a surprise $20.5 million bid for Southern Regional but then dropped out earlier this week due to what it said were the bankrupty court’s tight time constraints.
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