Macon, Ga.-based Navicent Health will acquire Milledgeville, Ga.-based Oconee Regional Medical Center, which filed for Chapter 11 bankruptcy in May.
ORMC filed the necessary motions in bankruptcy court in May to sell its assets to Prime Healthcare Foundation, the Ontario, Calif.-based nonprofit arm of Prime Healthcare Services. The motions included the opportunity for other interested parties to submit bids to acquire ORMC.
The auction was held June 29 and Navicent was the highest bidder. The following day, the Bankruptcy Court for the Middle District of Georgia approved the transaction.
"While we are grateful for Prime's interest, we are excited for this new opportunity with a respected, regional partner who understands our values, our culture, and our community," Steven M. Johnson, interim CEO of ORMC, said. "Our goal when we began this process over a year ago was to maintain a viable hospital in Baldwin County. We are proud to have accomplished that goal and believe patients and their families will be well served by Navicent long into the future."
The transaction, which requires regulatory approval, is expected to close in mid-August.
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