Hospital, Prime Healthcare now working to finalize details of transition
COSHOCTON, Ohio — A federal bankruptcy court has approved the sale of Coshocton County Memorial Hospital to a California-based health care organization, with hospital officials saying that a closing date will come as soon as possible.
A judge of the U.S. Bankruptcy Court’s northern Ohio division ruled on Tuesday that terms of the sale between Coshocton Hospital and Prime Healthcare Foundation are “fair and equitable,” and that the sale can proceed as soon as those conditions of sale are met.
Hospital CEO Lorri Wildi issued a memo on Wednesday saying that hospital officials “will focus our attention on meeting the conditions necessary to complete the transaction and determine a sale closing date.” While the timeline of the deal was not specified, Wildi previously indicated that Coshocton Hospital “will work with Prime to complete the transaction as soon as possible.”
Prime Healthcare Foundation was the only entity to bid on Coshocton Hospital, which filed for Chapter 11 bankruptcy in June.
As AVC News previously reported, the sale to Prime Healthcare includes a commitment to invest $25 million over five years to support expenditures, equipment and technology. Wildi stated last week that the hospital will remain a not-for-profit organization, while “retaining substantially all of our physicians and employees.”
The memo says Prime Healthcare has also made an additional $1 million commitment for physician recruitment.