A California bankruptcy court has approved Corona, Calif.-based KPC Group's $610 million stalking horse bid for four hospitals owned by El Segundo, Calif.-based Verity Health, according to Law360.
Verity Health, which operated six hospitals in California when it entered Chapter 11 bankruptcy in August, is selling its assets through the bankruptcy process.
In January, KPC Group bid $610 million to purchase the following four Verity hospitals: St. Francis Medical Center in Lynwood, St. Vincent Medical Center in Los Angeles, Seton Medical Center in Daly City, and Seton Coastside in Moss Beach.
Although the bankruptcy court has approved KPC Group's offer, Verity will evaluate competing bids to ensure it receives the highest offer for its assets.
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