Modern Healthcare - - Regional News -

QUINCY, Mass.— Quincy Med­i­cal Cen­ter filed for Chap­ter 11 bank­ruptcy, the same week it an­nounced that the 116-bed hos­pi­tal will be ac­quired by Stew­ard Health Care Sys­tem. The hos­pi­tal said in court doc­u­ments that it filed for bank­ruptcy “for the pur­pose of con­sum­mat­ing a sale of its as­sets on a go­ing concern ba­sis to Stew­ard Health Care Sys­tem.” It also filed a mo­tion seek­ing ap­proval for the pro­posed sale by Oc­to­ber. Quincy’s board had ap­proved the “cap­i­tal part­ner­ship agree­ment” with Bos­ton-based Stew­ard. Since then, the hos­pi­tal has not pro­vided fur­ther in­for­ma­tion about the deal, in­clud­ing fi­nan­cial terms. “Quincy Med­i­cal Cen­ter has filed Chap­ter 11,” Quincy in­terim CEO John Kas­ta­nis said in a state­ment. “This fil­ing will al­low our se­lected cap­i­tal part­ner a pre­dictable and man­age­able process for­ward. The fil­ing will al­low Quincy Med­i­cal Cen­ter to re­struc­ture its debt and re­or­ga­nize its op­er­a­tions. It will not re­sult in any dis­rup­tion to pa­tient care, or any day-to-day op­er­a­tions.”

NEW CAS­TLE, Del.— PHC, which does busi­ness as Pi­o­neer Be­hav­ioral Health, has com­pleted its ac­qui­si­tion of 53-bed Meadow Wood Be­hav­ioral Health Sys­tem, New Cas­tle, Del., ac­cord­ing to a news re­lease. Pi­o­neer, based in Pe­abody, Mass., agreed in March to ac­quire Meadow Wood for $21.5 mil­lion. In May, PHC agreed to a deal that will com­bine Pi­o­neer with Aca­dia Health­care, a Franklin, Tenn.-based psy­chi­atric hos­pi­tal op­er­a­tor run by the for­mer man­age­ment team of Psy­chi­atric So­lu­tions. The com­bined com­pany will use the Pi­o­neer name but be based in Franklin. The deal is ex­pected to close this sum­mer, ac­cord­ing to Pi­o­neer. Meadow Wood’s seller is Uni­ver­sal Health Ser­vices, King of Prus­sia, Pa. Uni­ver­sal agreed to di­vest Meadow Wood and three other psy­chi­atric hos­pi­tals in an agree­ment with the Fed­eral Trade Com­mis­sion that cleared the way last Novem­ber for Uni­ver­sal’s $3.33 bil­lion ac­qui­si­tion of Psy­chi­atric So­lu­tions. The FTC ap­proved the sale of Meadow Wood last month and is re­view­ing the sale of two Las Ve­gas psy­chi­atric hos­pi­tals too.

Quincy Med­i­cal Cen­ter filed for bank­ruptcy and an­nounced its ac­qui­si­tion by Stew­ard Health Care Sys­tem in the same week.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.