US bankruptcy Judge Neil Olack: Sale of Natchez Regional Medical Center can close

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NATCHEZ, Mississippi — U.S. bankruptcy Judge Neil Olack says he will approve the sale of Natchez Regional Medical Center.

With the close of the sale, ownership of the hospital will pass from Adams County to Community Health Systems, the national health care giant that is purchasing the financially beleaguered county-owned hospital for $10 million.

The Natchez Democrat reports (http://bit.ly/1vstGWH) the purchase agreement also requires CHS to pre-pay $8 million in ad valorem taxes.

Adams County has agreed to finance the sale with a $3 million loan to cover costs at closing that the sale package with CHS won't cover.

Kenneth King, vice president of acquisitions for CHS, said the company has agreed to retain all but five hospital employees.

NRMC filed for bankruptcy in March, the second time in five years.


Information from: The Natchez Democrat, http://www.natchezdemocrat.com/

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