Concord (N.H.) Hospital was the sole bidder to buy LRGHealthcare, a two-hospital system in Laconia, N.H., out of bankruptcy, according to the Laconia Daily Sun.
Although LRGHealthcare had 10 interested parties, no other organization submitted a bid by the deadline. As a result, LRGHealthcare filed a motion to cancel a bankruptcy auction set for Dec. 16.
In its bid, Concord Hospital offered $30 million to purchase LRGHealthcare's assets, which include two hospitals and a network of ambulatory care centers. LRGHealthcare and Concord Hospital expect to finalize the deal in 2021.
"We have always felt that Concord Hospital is a natural fit to ensure the continued provision of excellent care in the Lakes and Three Rivers Region, and we are excited about this step forward," LRGHealthcare CEO Kevin Donovan told the Laconia Daily Sun.
LRGHealthcare and Concord Hospital expect to complete this process in 2021.
LRGHealthcare filed for Chapter 11 bankruptcy protection Oct. 19. The bankruptcy process will help the system relieve its debt load of more than $100 million.