The Hoboken Municipal Hospital Authority voted to make an asset purchase agreement that would sell Hoboken (N.J.) University Medical Center to HUMC Holdco, which has common ownership with Bayonne (N.J.) Medical Center, according to a report by the Hudson Reporter.
The transaction would total $91.7 million: $51.6 million cash payment to extinguish the city's bond guarantee (made in 2007 as HUMC was almost forced to close), $20.9 million for investments in the hospital and $19.2 million for accounts receivable payments, liabilities assumed as part of the transaction and other items.
The Hospital Authority needs a certificate of need from the state, but hopes to close the sale by July 31.
Read the report by the Hudson Reporter on the imminent sale of Hoboken University Medical Center.
Read more coverage on Hoboken University Medical Center:
- Officials Deny Conflicts of Interest in Sale of New Jersey's Hoboken University Medical Center to Private Entity
- Connecticut Management Company Offers To Buy New Jersey's Hoboken University Medical Center for $77M
- New Jersey's Hoboken University Medical Center Begins Sale Negotiations with Private Entity
The transaction would total $91.7 million: $51.6 million cash payment to extinguish the city's bond guarantee (made in 2007 as HUMC was almost forced to close), $20.9 million for investments in the hospital and $19.2 million for accounts receivable payments, liabilities assumed as part of the transaction and other items.
The Hospital Authority needs a certificate of need from the state, but hopes to close the sale by July 31.
Read the report by the Hudson Reporter on the imminent sale of Hoboken University Medical Center.
Read more coverage on Hoboken University Medical Center:
- Officials Deny Conflicts of Interest in Sale of New Jersey's Hoboken University Medical Center to Private Entity
- Connecticut Management Company Offers To Buy New Jersey's Hoboken University Medical Center for $77M
- New Jersey's Hoboken University Medical Center Begins Sale Negotiations with Private Entity