NATCHEZ, Miss. (AP) — The Adams County Board of Supervisors has approved the sale of the Natchez Regional Medical Center.
The Natchez Democrat reports (http://bit.ly/1rdsWBH ) the decision came Thursday and pending signature of the buyers and approval of the federal bankruptcy court, the agreement will officially make Community Health Systems the bidding stalking horse and probable buyer of the hospital.
Healthcare Management Partners Chief Executive Officer Scott Phillips said the date is not finalized, but the parties involved are considering Sept. 11 for the auction. Phillips led the negotiations for the sale of the hospital.
CHS will pay $18 million for the hospital — $10 million in upfront cash and $8 million to prepay local property taxes to the city and county.
"This will create a stable hospital structure where you have both the structure of capital and management to improve," Phillips said.
U.S. Bankruptcy Judge Neil Olack will look at the proposal July 16.
The bidding process makes Community a stalking horse bidder, which means the price it negotiated with the Natchez hospital would be the bottom bid when the hospital is placed on the market.
If no one outbids the stalking horse, the sale will automatically go to Community.
Information from: The Natchez Democrat, http://www.natchezdemocrat.com/