Green Valley (Ariz.) Hospital has emerged from the bankruptcy process with a new owner and a new name, according to the Arizona Daily Star.
Green Valley Hospital entered Chapter 11 bankruptcy in early 2017 and received permission from the bankruptcy court to sell its assets. In January, Lateral GV, part of equity firm Lateral Investment Management, submitted the winning bid for the facility.
In February, the bankruptcy court approved the sale to Lateral GV, and the hospital emerged from bankruptcy in July with a new name: Santa Cruz Valley Regional Hospital.
Although the hospital exited the bankruptcy process, its financial challenges continued. Santa Cruz Valley Regional Hospital laid off 60 employees in July.
The hospital's financial footing has stabilized over the past few months, and it is now looking to grow its workforce.
"We're staffed and ready (for the influx in winter population) and look forward to adding more employees back in," Santa Cruz Valley Regional Hospital CEO Kelly Adams told the Arizona Daily Star.
The hospital may also add more services in the future.
"I talk with patients every day, and they say they're tired of going to Tucson for their healthcare," Ms. Adams said. "This encourages us to bring more physicians in and more services."
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